La ECB confirms its downward estimates on the growth of theEurozone 2013 but he's optimistic: Eurozone economies should see a "gradual recovery in the second half," he writes in his monthly bulletin. However, he does not fail to underline the risks: there are "downside risks", he adds, including "a slow or insufficient implementation of structural reforms", which could "delay the economic recovery".
Le European stock exchanges welcome the bulletin and after a positive start they consolidate the increases, albeit fractional. Milan +1,37% is the strongest push from the leap of Generali after the accounts. Frankfurt +0,79%, Paris +0,69%, London +0,36%.
The price lists are moving at their highest levels for four years but now the eyes of the operators are on the EU summit which will open this evening in Brussels. At stake is the difficult balance between austerity and growth for the future of the EU.
Lo Btp bund spread however, it remains in tension, after a stable start it climbs back to 321 points. Madrid's bond is at 335. Tokyo closes higher on expectations of the arrival of Haruhiko Kuroda, a supporter of ultra-accommodative monetary policy, to the Boj.
La European Central Bank in his bulletin he warned about the effects that the high public debt of some advanced economies could have on growth and launched a new warning on youth unemployment in the Eurozone. Today TheEurostat once again certified the difficult situation on the employment front: the number of employed people in the Eurozone fell by 2012% in the fourth quarter of 0,3 compared to the third quarter. In 2012 the drop is 0,7% and it is likely that in the short term there will be further growth in unemployment. Draghi will intervene with a presentation on the economic situation of the Euro during the European summit. Shifting attention to the other side of the Atlantic, jobless claims data is expected this afternoon, as well as February producer prices, and the fourth quarter current account balance.
At Piazza Affari the Ftse Eb it is driven by Generali which leaps by 7,05% after the accounts, Mediobanca, the relative majority shareholder of the Lion, follows closely with +4,43%. However, the banking sector is overall weighed down by Bpm and Ubi which have been suspended downwards and are now moving with drops above the percentage point: -1,4% Bpm and -3,7% Ubi worst stock of the Ftse Mib. Bankitalia today intervened straight ahead on dividends (and on manager bonuses) asking that banks that "close 2012 with a loss" or that "have a core tier 1 ratio lower than the target level communicated by the Supervisory Authority" will have to "avoid to proceed with the distribution of dividends”, as indicated in a communication to credit institutions contained in the Supervisory Bulletin. Fonsai rises by more than 2%. The controlling shareholders UGF, Premafin and Finadin announced at today's Fondiaria Sai shareholders' meeting their favorable vote on the liability action against the former top management of the company, including the Ligresti family and the former CEO Fausto Marchionni.
Also featured on the Ftse Mib Telecom +2,61%, Mediolanum +1,85% and Enel Green Power +1,74%. At the bottom of the main basket Diasorin -1,85%, Tod's -1,15%, Fiat -0,95%. The competitor Volkswagen was also down (-3%) despite a +8,3% of sales in the first two months of 2013 after the record of 2012.
Eni +1,8% after selling 4,2% of a field in Mozambique for $20 billion. Dada leaps 11% after RCS has decided to sell its 54%. The publishing group also jumped, rising by 5% after being suspended on the rise (+10% theoretical).
