German GDP drives stock markets. And the spread goes slightly down

Better-than-expected data for the Gross Domestic Product of Germany and France: beneficial effect on price lists – Mystery resolved on the German Constitutional Court, which will decide on the ESM and the fiscal compact within the set deadlines – Spreads slightly down – Banks on the rise in Milan: up Unicredit and Intesa – Fiat and Stm are also highlighted – The collapse of Prelios continues

Day marked by data and statistics on both sides of the ocean. In the second quarter, German GDP grew by 0,3% quarter on quarter, down from +0,5% in the first quarter but better than the +0,2% expected by economists. France's GDP recorded a zero change, economists were expecting a 0,1% contraction.

The Milan Stock Exchange continues to rise: the Ftse Mib index rises by 0,5% to 14.605 together with Paris +0,47%. Frankfurt gains 0,8%% after the release of data on the economic conditions of France and Germany.

In the morning, a spokesman for the German Constitutional Court confirmed that the decision on the legitimacy of the state bailout fund (ESM) and the fiscal compact will be taken according to the deadlines set for 12 September next. The website of the German newspaper Handelsblatt had previously reported the news of a new appeal that would have pushed the date back.

The Zew index, which measures expectations for the German financial sector, worsened beyond expectations. The reading for the month of August stood at -25,5 points from -19,6 in July. The forecast was for -19,3. This is the fourth consecutive monthly drop that brings the Zew to its lowest level since last December. The current conditions indicator fell to 18,2 points from 21,1 in July against expectations for 15.

July retail sales and producer prices will be released in the US at 14.30pm. WTI-type oil trades at USD93,3 a barrel, up 0,6%.

The spread between Italian and German ten-year bonds improved by two basis points to 443 points. Banks rise in Milan: Unicredit + 1,09% Understanding + 0,91%.

Highlights too Fiat +0,71% and stm + 1,09%.

Pirelli salt of 0,23%. Il Sole24Ore reports that the holding Camfin (-0,33%) is preparing to launch a bond convertible into Pirelli shares for 150-200 million euro: the issue would serve to refinance the debt, a part would be destined for the recapitalization of Prelios , the stock of the real estate company loses 5,25% after yesterday's -13%. Camfin holds 25,5% of Pirelli and 14,8% of Prelios.

Terna salt of 0,2% and Snam by 1,2%. Down Mediaset -1,8%. Among the minor titles continues the good moment of Services Italy +8%, back to the values of the beginning of June.