In the first three months of 2015, the Italian economy returns to growth. This is what Istat announced in its monthly note. “The real cyclical change in GDP forecast for the first quarter is equal to +0,1%, with a confidence interval between -0,1% and +0,3%”, notes the statistical institute. This result is the synthesis of the still negative contribution of domestic demand (gross of inventories) and the favorable contribution of net foreign demand.
La Milan Stock Exchange regained momentum towards the end of the session and closed with a rise of 0,78%. The other major European markets were also positive with the exception of London which slipped by 0,04%. Frankfurt 0,66% salt, Paris + 0,83% Madrid + 0,35%.
After an uncertain start to the price lists, the day was unblocked by the go-ahead with a large majority for the extension of the aid program for Greece by the Bundestag German. According to what was announced by the vice-president of the Parliament, Claudia Roth, there were 542 votes in favor, 32 against, with 13 abstentions. This is the largest majority ever seen in a vote in the Bundestag on measures against the European crisis.
The board of the European Financial Stability Facility (EFSF) has therefore formally decided to extend funding to the Greece for 4 months. In this way, 1,8 billion will be available on condition of a positive conclusion of the final verification of compliance with the current agreements.
The most significant movements of the day were found on government debt with the Btp-Bund spread which fell below 100 during the day and then closed at 101 points. These are already the effects of the European Qe which is about to start on Monday.
Contrasted Wall Street which however is about to close the best month since October 2011. The Dow Jones drops 0,11% while the S%P500 snatches +0,01%. Despite the fact that the GDP data is higher than analysts' expectations, the markets are recording some lackluster manufacturing data. In detail, the GDP was revised to 2,2% from the previous 2,6%, a performance in any case better than analysts' expectations which remained at 2%. For the full year of 2014, US GDP grew at a rate of 2,4%, slightly above the 2,2% average recorded between 2010 and 2013.
Also above analysts' expectations consumer confidence Americans measured by the University of Michigan which dropped in February to 95,4 points from 98,1 at the end of January (against 94 points expected). Over the last few months, this figure has benefited from the sharp drop in crude oil prices which has allowed the cost of petrol to return to around the historic level of 1 dollar a gallon and has favored an increase in employment.
On the other hand, compromises for the purchase of new homes were below expectations, rising by 1,7% in January compared to December (+1,8% expectations). However, the data is the best since the summer of 2013. Just as the Chicago Pmi index was disappointing, which fell to 45,8 points in February from 59,4 points in January, to its lowest level in the last five and a half years. Analysts had expected a modest drop to 58 points.
Il Petroleum Wti rises by 1,68%, the euro-dollar exchange rate is stable at 1,1193 dollars a barrel (-0,04%).
In Piazza Affari it shines Gtech (+4,05%), which rises after receiving the last go-ahead from a US supervisory authority for the purchase of International Game Technology. It follows Moncler (+3,14%) which benefits from the positive opinion of ubs which confirmed the buy recommendation and raised the target price to 15 from 14 euros. The Ftse MIb's third best title is Pirelli +3,09%, followed by Enel +2,12% and Ps +1,65%. At the bottom of the Ftse MIb Wdf loses 1,64%, Yoox 1,46%, Mediolanum 0,51%, stm -0,5% and A2A -0,33%.
