The go-ahead for the Recovery Fund makes the stock exchanges run. Lagarde warns about GDP: “-12% risk in 2020”


MILAN – hours14:15. Market optimism remains high with countries reopening to try to breathe new life into their economies. Yesterday Wall Street, where the trading floor also reopened after almost two months of closing, closed higher in line with all the other world indices. An optimism that has continued even today starting from Asia, where Tokyo closed at + 0.7%.However, there is no lack of sources of concern for investors, from the growing tensions between the United States and China to the ongoing clashes in Hong Kong. To these are added the words of the President of the European Central Bank Chrstine Lagarde, according to which at the end of the year the fall in GDP in the euro area could reach 12%. “We will have the new estimates in a few days, but it is very likely that the most favorable scenario is now out of reach and that the fall in GDP will be halfway between the intermediate scenario (-8%) and the more serious scenario, which it’s a little over -12%, “he said. At the same time, however, reassured Lagarde, the epidemic will not lead to a euro crisis. “No, the answer is no,” he said, answering the question whether the pandemic, causing heavy debt in some States, will provoke a new financial crisis in the Eurozone. “All countries in the world have had to respond by increasing their debt”; Lagarde said. “Budgetary measures have had to be taken, whatever happens. The use of debt is not only recommended, but it is the way forward.”
In Europe London grows by 1.57%, Frankfurt by 1.88% e Paris 1.95%. Milan returns positive after a weak start and rises by 1.45%. Strong acceleration for Renault on the Transalpine Stock Exchange in the aftermath of the maxi plan in support of the auto sector announced by Emmanuel Macron and on the day of the presentation of the new alliance scheme with Nissan and Mitshubishi.The launch of the Recovery fund, the long-awaited financial support tool for the European countries most affected by the pandemic, also made the lists run. The community executive had to find a synthesis between the position Franco-German, after Paris and Berlin have given the go-ahead to at least 500 billion non-refundable contributions, and that of the so-called frugal countries – Austria, the Netherlands, Denmark and Sweden – which ask instead for European support to come only through loans and for a very limited period of time. The EU executive plan eventually foresees 750 billion in total and the resources raised will be distributed for 500 billion through grants and 250 billion through loans.

The deal further eases tensions on government bonds with the spread

between the ten-year BTPs and the German Bund counterparts which drops to 192 points with the yield of the ten-year bond at 1.5%.The race slows down Petroleum. The WTI lost 28 cents and rose to $ 34.07 a barrel after the + 3.3% recorded last night, while Brent retreated 0.7% to $ 35.92.

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