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Euro Tumbles As Italy Slashes Growth Expectations
The Euro is tumbling as Italy slashes economic growth expectations:
- *BANK OF ITALY SEES ITALY GDP UP 0.2% THIS YR, 1.3% IN 2015
- *BANK OF ITALY SEES DOWNSIDE RISKS FOR ITALY GROWTH EST. THIS YR
The Bank of Italy expected 0.7% growth for 2014 in January and this shift lowers the estimate below consensus. Of course, there's no need to wqory about a triple-dip recession as Italy raised its 2015 estimate from 1.0% to 1.3% - hockey sticks are back...
Bank of Italy slashes 2014 growth expectations...
and that resulted in what Draghi could not manage...
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Race to the bottom...
same as it ever was.
And yet Gold is down almost $20 since yesterday... Nothing to see here folks...
That's my fault. I bought some yesterday.
I don't allow Mrs. Cog near the precious metals purchase funds anymore. She's a real downer. :)
lol right? I should put out a public service announcement for ZHers when I buy so they know when the price is about to tank.
The secret to the gold market is to always do the exact opposite of what you want to do and what makes sense, and to always assume that sudden price spikes, especially when there's a news-related event that looks like a plausible cause, is a fake move by the bullion banks.
Lol. The George Castanza method of PM purchases. In fairness to Mrs. Cig we purchase when funds are available. Fiat cost averaging bitches.
Well, that's probably a way less stressful way to go about it, for sure.
"Fiat cost averaging bitches." --- Yes, like everything else in life. Personally, I love what I do, the fact that we are getting good prices for our soybeans and nuts is just a bonus.
Me too. I guess we were the only ones
Me too. I guess we were the only ones
Super bullish - new ATH's for indices just around the corner.
Imagine if they used realistic inflation measurements when calculating 'real growth'.
interesting. and what are realistic inflation measurements, in the eurozone? remember that our national PCIs have both food and energy in them. in fact, nearly all of this "terrible deflation" we have is decreases in food and energy prices
The largest increases in European prices happened in the years before the big bang, including the massive stealth increases during the national to € currency conversions. Currently TPTB are more keen on downplaying deflation than inflation. The periphery is in many parts stuck in a deflationary spiral (albeit a mild-slight one for goods&services and stronger deflation in the lower income wage segment), since the rigid € currency cannot adjust to individual national economic circumstances.
I trust no economic measurements produced by the governments/banks or public/private parties who are influenced by the governments/banks. If it is in their interest to manipulate those economic numbers, the numbers WILL be manipulated.
Everything will increase.. the next year. And in 2015 they will say the growth will come ... in 2016.
A goitre on every neck.
Isn't that from the mayor of Fukushima?
€ look like a good buy here
Italy and growth should never be mentioned in the same sentence. The last time they had real, actual growth, it was called the Renaissance.
hmmm... I vaguely remember when Italy surpassed the UK... am I that old? damn. well, at least this makes me a Renaissance Man
+1 for dating yourself and reminding me of a great danny devito movie.
bless wikipedians for having an entry about it: Il_sorpasso_(economics)
"Il sorpasso (Italian for "the surpass") is the nickname given to the 1987 event wherein Italy's economy grew larger than that of Britain in absolute GDP terms. This made Italy the fifth largest economy in the World, after the United States, the USSR, Germany, and France. On 15 May 1991 Italy became for a while the fourth worldwide economic power, overtaking France, with a GDP of US$ 1.268 trillion, compared to France's GDP of US$ 1.209 trillion and Britain's of US$ 1.087 trillion. Despite this, however, Italy's alleged 1987 GDP growth of a phenomenal 18%, it was shortly re-overtaken by both France and the United Kingdom during the 1990s, when Italy's economic growth was particularly stagnant, with an average of 1.23% compared to an EU average of 2.28%."
That clearly looks like a major accounting adjustment than actual growth. Reminds me of the planned inclusion of some parts of the informal sector into Italy's GDP calculations.
Hard to tell anymore.
The Govt. lies from all sides ,for decades now, make any stat meaningless.
Italy's motto: We have moar debt than GE
Like my T-shirt says, "Hi, I don't care, Thanks"
Yuan actually popped a little on that news.
Time to ruck up bitches.
This is the Party everyone's been wanting.
The true extent of slowdown in the world economy can be judged by the data points which are not subjected to adjustments by the government. Eg. Change in Electricity and Fuel consumption, Ratio of working population to the total population of a country, Miles driven, Baltic Dry Index, Change in commercial Rental Rates etc.
There is no economic recovery because all the efforts of politicians, government, central banks etc are focused on saving banks instead of targeting job creation which is the only way economy can recover.
The weakness in the democratic process ensures the victory of the Wall Street over the Real Economy for the foreseeable future. Things are definitely going to get much much worse before they get better for the real economy i.e. for more than 90% of the population.
www.marketoracle.co.uk/Article40231.html
True, but one must also realize that there are now 7+ billion (and growing) people all competing for a better quality of life and all the calories that make that possible. So, in that regard, there is plenty of demand.
Define "real economy", if 2/3 of the planet stop using the dollar for exchange, anything or any economy priced in dollars becomes pretty irrelevant pretty fucking quickly.
That explains why S&P futures are making new highs. It IS Friday afterall, and we all know that the weekends in the Hamptons are much better when we finish green on Friday. Slam gold, slam vix and buy stawks. Same as it ever was.
Gold down because the airline being downed is just a flash in the pan, no big deal back to manipulation by the American sewage sytem!
Yup, flashing screens have reduced our give-a-shit-span to about the length of a commercial.
Surely the solution is to include Mafia-related activities in Italy's GDP measurement?
Doing so may not lead to growth over the longer term but in the short term the addition
would cause Italy's GDP to jump by 10%+ overnight. If nothing else, it would make
Italy's debt-to-GDP ratio look more palatable.
Whatever their forecast, you know the reality will be much weaker than the forecast.
It was Ukraine. So it´s safely within the Mob and therefore just an accident. Extremely bullish.
Very Bullish!!
LOL, all those PIIGS are starting to smell again.
That Brussels bailout perfume didn't cover the smell permanently.
Draghi to the rescue pls. 2014 gdp is shite then 2015 will be stellar. If not 2015 then 2016, and so on.Sustainable growth is just around the corner, isn't it? They are all comedians.
if you didn't buy the dip yesterday, you missed out. The market sees geopolitical concerns as a springboard to higher levels. Just gives everyone a dip to buy with all their "cash on the sidelines."
berlusconi's revenche
Of course this means a negative print going forward...
Of course this means a negative print going forward...
Was that revision inclusive of the hookers and blow, and if yes, is that an apples-to-apples comparison QoQ/YoY?
FTSEMIB up just the 300 points 10y BTP futures down a whole 12 points
ZH can't be right. The IMF after the second Greek bailout forecast gowth rates in the EZ as being between 3-4%. How could the fragrant Lagarde be wrong, and it isn't that she would ever lie.
What happened, the hookers and blow didn't add that much? Or is Italy in that much of a slump that they didn't save those GDP estimates?