Il leap in the Ifo index consolidates the confidence of European markets in the aftermath of a day of sharp declines due to doubts about the Fed's moves and some negative macro data released yesterday between Europe and the USA. Milano rises by 1,55% while the spread is little moved in the 288 points area, Paris 1,85%, Frankfurt of 0,99%, London by 0,70%. The Ifo index rose in February to a ten-month high at 107,4 points from 104,2 in January. Today's data follows the already positive data of the Zew, considered the younger brother of the Ifo, released during the week.
However, for the EUGerman economy it is destined to slow down further with GDP stopping at 0,5% in 2013 against 0,8% in previous estimates. GDP confirmed at 2% in 2014. France is in more difficulty with growth at a standstill and the deficit exceeding 3,7%. Today the EU Commissioner Olli Rehn he said that it will be decided in May whether to grant an extra year to Paris for the reduction of the deficit. "It is of primary importance that France, the eurozone's second largest economy and at the heart of its stability, takes adequate and convincing measures," he added.
Rehn wanted to reassure Italy, now close to the elections in a situation of ever greater uncertainty squeezed between the possible exploits of Grillo and the holding of Monti's civic list, which does not need a correction of the deficit and a new maneuver. ”Italy has brought its deficit below 3% for this year and next year, it is in line with the correction, but we have to wait for the spring forecasts and for Eurostat to confirm the 2012 data to evaluate the closure of the excessive deficit procedures”, he said, specifying that “Italy does not need a new manoeuvre, but it is essential that it maintains full application of the consolidation strategy already adopted which allows it to break even this year”, he said, specifying that Brussels "will continue to closely monitor Italy". However, the balance sheet on unemployment is getting slimmer in revision of the November estimates: in 2013, on the basis of the new contraction of the economy, unemployment in Italy increased by another point, from 10,6% in 2012 to 11,6% and in 2014 it will reach 12,0%. EU economic forecasts see another year of recession for the Eurozone.
At Piazza Affari after yesterday's declines, the banks are moving in positive territory. Mps runs up by 2% with the green light for the Monti bond by the Court of Auditors. The Administrative Court also rejected the Codacons appeal which asked to annul the resolution of the Bank of Italy for the loan. Bper +5,23%, Ubi Banca +2,77%. Entente +1,44%, Unicredit +1,28% . The ECB has announced that next week 356 banks will repay 61,1 billion Ltro. Generali +2,33% in light after the data on 2012 premiums up by 3,2%. On the Tobin Tax front, Minister Grilli gave the green light to the decree on payments and exemptions.
Camfin flies despite the denial of rumors about the takeover bid. According to press rumors, 4 foreign investors would support the Mtp financial company which, through a newco, would be ready to launch a takeover bid. A spokesman for Tronchetti stated that "there is nothing new and nothing to add" on Camfin's ownership structure and that "at the moment there are no advanced negotiations, or close to conclusion, nor even preliminary agreements". Pirelli, on the other hand, yields 1,04%. Finmeccanica down more than 2% after the postponement of the approval of the accounts.
Tenaris +5,29% best share of the Ftse Mib after the results of the fourth quarter with a better than expected Ebitda.
It jumps 10,44% after being suspended higher As Roma after the announcement of the preliminary agreement for the entry of a new investor, a Jordanian sheikh. Carraro in the spotlight (+4,5%) after a 25 million euro order.
