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Composite PMI readings have proven resilient over the last nine months
Italian companies have outpaced dividend expectations with €13.75b of payments in fiscal 2013, a 6% YOY increase
Demand to borrow Italian shares to sell short is up on average, although this seems driven by recent capital raising exercises of the country’s banks
After six consecutive quarters of falling year-on-year, the last quarter of 2013 saw Italy post its first growth in nominal GDP; a modest rise of 0.1%.Investors have clearly taken well to the latest developments, as the country currently sees its CDS trade at the tightest level in over four years. The current spread (116bps) is currently less than a quarter of where it traded in the height of the Euro crisis in 2012.
euro perde frazionalemnte su dati inflazione EU