Bank of Italy cuts 2013 Italy GDP fcast to -1.0% vs -0.2%

Market news

18 January 2013

Bank of Italy cuts 2013 Italy GDP fcast to -1.0% vs -0.2%

--cut due to weaker global economy, domestic production

--Italy GDP contracted by more than 2% in 2012

--Italy GDP to turn "slightly positive" in 2014

--Risk for economy still elevated

--Italy deficit 3%/GDP iin 2012 vs 3.9% 2011

--Italy must consolidate gains in public finances and econ reforms

--Capital flows returning to the peripheral countries

--Bank lending still hurt by risk aversion

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EUR / USD: Euro recovered from session lows after the statement of the Prime Minister of Portugal, that the country are close to overcoming financial emergency situation

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