Swiss bank UBS upgraded on Wednesday its growth forecasts for Germany, France and Spain for 2016, but downgraded its forecast for Italy. The German economy is expected to expand 1.6% in 2016, up from the previous estimate of a 1.4% rise, the French economy is expected to grow 1.5%, up from the previous estimate of a 1.2% increase, while the Spanish economy is expected to expand 2.9%, up from the previous estimate of a 2.6% gain.

UBS expects the Italian economy to grow 1.1% in 2016, down from the previous estimate of a 1.1% growth.