Forex

The economic recovery in the eurozone continues, thanks to the support measures offered by the ECB, but foreign demand is weak confirms, following the persistence of the international crisis, and the restrictive budgetary policies of the member states act as a brake to the stimuli offered. It ”s the point of the monthly bulletin published by the Institute of Frankfurt.

According to the Eurotower, the increase in employment guaranteed by the structural reforms and the low price of oil will continue to support household income and thus private consumption. The labor market continues to offer signs of improvement, even if gradually, which led to a 0.3% dell’occupaizone growth in the last quarter of 2015 and a reduction in the unemployment rate to 10.3%.

In the auction of bonds today, Spain has placed three long-term government bonds with maturities for a total of over 2 billion euro, on the middle fork initially scheduled (1.5 – 2.5 billions). In detail the Iberian state has placed government bonds maturing in 2026 for a total amount of 489 million euro, compared to a demand of 2.0 12 billion.
The coverage ratio (ratio between the amount requested and offered quantity) was equal to 4.3, while the gross yield offered by bonds was set all’1,592%, an increase over the previous all’1,496% starting April for placement securities maturing in 10 years.

UBS Q1 profits fell 64 percent with weak numbers in all segments: wealth management – 40%, investment bank – 67% and corporate finance – 39%. The only bright spot is an increase in net new money which follows 2 consecutive quarters of outflows.

Last night’s headline was the Australian CPI inflation falling – 0.2% quarterly (vs est. of+0.2%), which caused the AUD crosses to move against their bullish trend.

The Eurogroup has mandated the President Jeroen Dijsselbloem to start the comparison with Greece on strain of the Greek debt. "Nothing contained in the package will be closed until the whole package will be closed," said the same Dijsselbloem.

At the meeting "there was a common point of view that it is conceivable, feasible riprofile the greek public debt without a par value cut, without a haircut", said Christine Lagarde, director of the International Monetary Fund. "Based on our analysis of the sustainability of the Greek debt – said Lagarde – you can operate using all existing devices", in fact except for a haircut. For some time the IMF considers it necessary to reduce the greek government debt, defined unsustainable and on this point the clashes with European governments, in particular Germany, were different.

Christine Lagarde, via Twitter, responded publicly to the applications received. At the end of the IMF and World Bank work, the general manager of the Fund is entrusted to the popular social network to explain the IMF recipes. On the possibility that Britain bait by the European Union, Lagarde reiterated that creates ” uncertainty ”: ” We have already revised down its UK growth forecasts, there is already uncertainty ” and there will also after the pending referendum for the definition of relations between Great Britain and Europe. An uncertainty which has a ” impact ” on the economy but also on the European English, dealing with the political crisis and social refugees. ” It ‘a global humanitarian issue that, if not managed well, can worsen. If managed well can lead ” economic benefits declared the number one of the IMF. ” In Europe need more cooperation, serves a real banking union ”.

The UK national income could lose 6% by 2030 if the UK really leave the EU in a referendum on Brexit of 23 June. In late hours Ministry of the Treasury’ s report of 200 pages, anticipated by the media and already contesato by Eurosceptics, has released the alarm. The traces the relationship of Britain shock scenario, hit in its vital business interests and impoverished its people for decades, once consumed the hypothetical divorce from Brussels.

Nestlé published its results today. No major information came out of it. The results were better than expected, with an organic growth as high as 3.9%, above what analysts were expecting (3.6%) and a Revenue Internal Growth (3%) (i.e. a sales growth adjusted for takeovers, disinvestments, price fluctuations and currency) was also higher than the consensus (2.5%).