Italian Economy Minister Pier Carlo Padoan defends the government estimates the country's economy. And in testimony before the House Budget Committee, it stressed that the "recovery will increase and with it employment. The public finances improved, the tax burden falls" through "a strict fiscal policy and expansionary measures and structural reforms" that continue despite the worsening of the international and geopolitical "framework" of which our forecasts take into account. " The minister recalled that "in 2015 after three consecutive years of contraction, the Italian economy returned to growth in 2016 and the recovery will continue and be strengthened. In the first quarter of the growth appears to have regained momentum."
New York Fed President William Dudley said US economic environment is "mostly favourable", but the US central bank remains cautious in hiking interest rates as threats loom. Dudley reiterated he was confident that too-low inflation would climb to a 2% target over the next few years, with "economic conditions have finally warranted the start of U.S. monetary policy normalization." The policy maker repeated his view that the Fed should take a gradual and cautious approach to monetary policy tightening amid significant uncertainties and headwinds to growth stemming from the financial crisis, which have not fully abated.
The growth of the German GDP has proceeded at a fast pace in the first three months of the year, thanks mainly to the positive trend in domestic demand which offset the weakness of exports. For the next quarter, which ends in late June to see economic expansion slowing. This was stated by the Bundesbank in the April newsletter, explaining that the German economy has benefited in the first quarter from the good weather conditions that favored the construction industry, while consumption benefited from the favorable situation on the labor market and low inflation . The contribution from exports was however not very high.
The UK national income could lose 6% by 2030 if the UK really leave the EU in a referendum on Brexit of 23 June. In late hours Ministry of the Treasury' s report of 200 pages, anticipated by the media and already contesato by Eurosceptics, has released the alarm. The traces the relationship of Britain shock scenario, hit in its vital business interests and impoverished its people for decades, once consumed the hypothetical divorce from Brussels.
The flurry of meetings held this week in Washington by the central bankers bodes no good for the global economy. The mainstream media have neglected it although the alternative media have not even if it is not clear what is going on. There are several possibilities: Deutsche Bank; Italian banks; China; energy bonds; falling bank profits. All the secrecy is disturbing.
The earthquake struck Saturday morning Kyushu' island, magnitude 7.3, just 28 hours after a first great kick out of 6.4 which resulted in 42 dead, thousands injured and about 110 thousand displaced persons, caused severe damage even in Japan' s economy. While the Tokyo Stock Exchange (now the Nikkei -3.4%), the extensive damage to infrastructure affected the productive chains and causing suspension of activity in several factories scattered throughout the country.
The Brazilian Chamber of Deputies approved, at the end of a marathon began Friday, the opening of an impeachment proceeding against leftist President Dilma Rousseff, whose term expires in 2018. The majority in favor of impeachment against Dilma eventually overwhelming, beyond the worst predictions: 367 yes, 137 no, 7 abstentions. The House vote, after three days and nights of debate, states the beginning of removal of Dilma Rousseff from the Planalto Palace in Brasilia that will now have to be confirmed by the Senate. If even approve senators, in their case by a simple majority, the President will be suspended for 180 days. At the end of this period, a new Senate vote, and then the Supreme Court will have to confirm or deny his dismissal. Meanwhile, his deputy, Michel Temer, will take power and form a new government. It's 'a turning point gained in the Brazilian lost the last months of scandals of corruption, severe economic recession and emergency Zika.
The marathon negotiations in Doha is of no effect: the agreement to freeze the production of oil has not been reached. After a long standoff sixteen producers, OPEC and not, who had gathered in the capital of Qatar have declared surrender, opening the way to a likely decline in international oil prices. Largely it was precisely the expectation of an agreement to support the recovery of Brent, who had climbed the slope to nearly $ 45 a barrel last week, after he collapsed in January under $ 30, the lowest for 13 years .
US industrial production declined more than expected in March as output dropped broadly, the latest sign that economic growth faltered in the first quarter. Industrial output fell 0.6% last month following a downwardly revised 0.6% decrease in February, according to the Federal Reserve. Industrial production slipped at an annual rate of 2.2% in the first quarter. The report joined data on retail sales, business spending, trade and wholesale inventories in indicating that economic growth slowed at the turn of the year. Growth estimates for the first quarter are as low as a 0.2% annualized rate. The world's number one economy grew at a 1.4% rate in the fourth quarter. However, given a strong labour market, the slowdown in growth is likely to be temporary.
Finance ministers of the European Union will discuss next week put limits on exposure that banks have to sovereign debt, according to an EU document. The EU countries have debated for months whether they review the status enjoyed by public debt used to finance the states, but during the financial crisis of the eurozone joined a "vicious circle" of dependence between states and banks. Sovereign bonds are considered risk-free and are exempt from the limits that banks have over other types of corporate or personal debt. EU countries have been cautious about their treatment for fear of affecting markets and financial stability of the institutions.
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