The G7 is committed to growth. The US GDP is strengthened slightly less than expected: + 0.8% – The Republic

MILAN – The global lists raking data on US gross domestic product, which confirm the expansion of the first economy in the world at a pace slightly below expectations: the revised figure for the first quarter is about a +0 , 8%, better than the + 0.5% in the first reading and only slightly diverged from + 0.9% indicated the eve by analysts. The US economy was recovering from a + 1.4% in the fourth and final quarter of last year, a sign that – despite the upward revision – there was a slowdown in the first half of 2016, due to consumption and investment companies. But the orientation of the Anglo-Saxon observers is positive, not least because the latest macro data suggest an acceleration in subsequent quarters. Concorde Vincent Longo Ig Markets: “ Operators are already appreciating the brilliant macro figures released in recent weeks, so that GDP growth could suffer a sharp shock in the second quarter. According to estimates by the Federal Reserve Bank of Atlanta, the acquired growth with these early April data should be 2.9%. “

these are signs that guide the mood on Wall Street and the Federal Reserve, engaged in difficle choice whether to raise or not to raise the cost of borrowing, thus following the gradual monetary tightening initiated last December after eight years of ultra-expansionary policy. This evening, the Fed chairman, Janet Yellen , will deliver a speech at Harvard, from which investors awaited clues on moves the June meeting: the feeling is that in the summer, maybe after the referendum on Brexit ( then in July), the rates can move.

the dynamics of US GDP

in addition to the Product Use, international attention has been magnetized by the G7 summit in Japan, which closed today and It took note of the fact that “global growth remains subdued and below the potential, while risks still remain weak economic dynamics,” stressing then that “global growth is an urgent priority.” The final declaration is centered the expectations of the markets when it supports the need to use all the tools – monetary, fiscal and structural – to support the recovery, although with the usual measured tones and certainly not full of practical recipes; But it was the lure which looked, for example, the Aberdeen economists in the report of the summit’s eve. Repeated, then, the reference to Brexit risk, with a unified condemnation as “new great risk” that hangs on the world dell’econonomia head.

As a corollary of these commitments, both China and Japan have launched signals that supported the mood of the markets: Beijing has made it known to have fiscal space to further support domestic growth, while Tokyo has put on the agenda postponing the raising of VAT from 8 to 10%, that in the coming months it could depress consumption. If oil then took a break in the recent path of consolidation, the dollar has given signs of stabilization.

If you also consider the agreement reached on Greece within the Eurogroup, the last eight have They went dissolving those nodes that weighed on the price lists and not by chance that the markets have recovered the losses of the first part of the month. European stocks close cautious, however, with Milan that yields 0.17% final. other Squares EU also recently moved: London marks a slight increase (+ 0.08%) with Frankfurt (+ 0.13%) and Paris yields (+ 0.05%). To signal the operation Creval, which sold 2% Holding Soul on the market for a value of 33 million. Unicredit has instead cashed the ok of the European authorities for a joint venture between the asset management subsidiary, Pioneer, with Santander. After the EU meeting, Wall Street proceed cautiously upward: the Dow Jones rises by 0.1%, the S & amp; P 500 0.2% and the Nasdaq 0.4%. In the morning, the Tokyo Stock Exchange has taken advantage of the weakening of the yen to close in rise of 0.37%.

The change euro-dollar it is down slightly to below 1.12, with the currency of the old continent that changes 1,115 greenbacks. The spread between BTP and German Bund narrows just above 120 basis points with the Italian ten-year which makes 1.35%. The Treasury has grossed a new record on the Bot six months , which in an auction of 6 billion have touched a record low with a negative return patri at -0.262%, nine basis points less than in previous placement. Sustained demand, with over 9.75 billion euro on the side of the request against an offered amount and precisely assigned 6 billion.

Rich macroeconomic agenda: Istat traces the decline in confidence Italian consumers in May, while in the recovery of enterprises. France had already emerged the index rising consumer, to 98 points against the 94 of April. In Japan, in April, consumer prices were back down, down, excluding perishables, by 0.3% per annum. Again in the United States, indicating that consumer confidence, as measured by Michigan, it rose in May to 94.7 from 89 in April. The figure was below analysts expectations, betting on 95.4 share.

As mentioned, the oil is falling after the recent rally: the closure of the EU market, WTI and Brent are paired in the area $ 49 a barrel. Gold weaker at $ 1,212 an ounce.