The new data coming from the United States weigh on the European stock exchanges, which accelerate downwards in the mid-afternoon: Milano -1% London -0,9% Paris -1,3% and Frankfurt -0,8%. Meanwhile, the 10-year German Bund – a classic safe haven – reached a rate of 1,27%, the lowest since May 2013. The Btp-Bund spread thus rose to 158 basis points.
Also Wall Street opened the session in negative territory: after the first few minutes of trading, the Dow Jones lost 0,03%, the S&P 500 0,03% and the Nasdaq 0,16%. In August, oil rose by 0,08% to 106,08 dollars a barrel. Gold with the same maturity dates down 0,33% to 1.318 dollars an ounce.
The stock and bond markets are discounting the revision of US GDP for the first quarter. The US Department of Commerce has communicated that US Gross Domestic Product fell 2,9% on an annual basis, the worst performance in five years. The preliminary estimate released last month was much more optimistic (-1%), as was the consensus of economists (-1,7%). The government forecasts published in April even spoke of a growing figure, even if only slightly (+0,1%).
The unusually cold winter certainly contributed to the worse-than-expected performance, but the extent of the revision suggests that other factors played an important role. The latest revisions reflect a weaker pace in health care spending than expected, but consumer spending, which accounts for more than two-thirds of US economic activity, also weighed. The figure rose at a pace of 1%, whereas it was previously expected to rise by 3,1%. As for exports, it fell by 8,9%, against the -6% forecast.
On the Ftse Mib, only la are resisting in positive territory Banca Popolare di Milano (+ 2,16%) and Intesa Sanpaolo (+0,26%). The worst title remains that of Ps (-18,61%), targeted by sales two days after the closure of the five billion euro capital increase. Bad too Rest (-3,45%), Saipem (-3,34%), Buzzi Unicem (-2,95%) And A2A (-2,85%).
