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Italian stocks lead Europe as budget deficit fears quelled

LONDON (Reuters) - Italian stocks turned from a drag into a boost for European markets on Wednesday as signs the government would target a lower budget deficit quelled investors’ fears of a damaging showdown with the European Commission. Italian bank stocks jumped as much as 3 percent after government bond yields fell back and the spread to Bunds narrowed thanks to reports the government was targeting a lower budget deficit in 2020 and 2021. Still in the thrall of developments on the Italian front, the leading euro zone stocks index and the pan-European STOXX 600 climbed 0.3 percent with bank stocks the best-performing, up 0.8 percent. Italy’s FTSE MIB outperformed, up 0.5 percent with the banks index last trading up 0.7 percent. Unicredit and Intesa Sanpaolo were among the top gainers, up 2.6 percent each, while Mediobanca, UBI Banca, and Banco BPM also rose as much as 5 percent. Banks, which have large sovereign bond holdings, suffer the most from selloffs in the bond mark...
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Euro gains on ECB; stocks up with economic data

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The euro rose on Monday on expectations of higher euro-zone interest rates while world stocks eked out gains as concerns about Middle East and Japan cast a cloud despite positive economic data. The euro rose above USD 1.41 after the president European Central Bank president Jean-Claude Trichet said inflation is above the bank's price stability target, adding to expectations that interest rates could rise as early as next month. The European currency erased most of its gains later, however, pressured by worries that the defeat of German Chancellor Angela Merkel's party in a key state election means she will have less leeway to financially support debt-stricken members of the euro zone. Data showing that US consumer spending rose for an eighth straight month rise supported equities. US consumer spending rose slightly more than forecast as households tapped their savings to cover higher food and energy prices, while inflation accelerated at its fastest pace sinc...
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Australia cuts its rates more than forecast to 3.75%

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The Reserve Bank of Australia has cut interest rates more-than-expected because economic conditions were "somewhat weaker" than forecast. It added that inflation had also moderated in recent months. The bank cut its key rate to 3.75% from 4.25%. Most analysts were expecting a 0.25 percentage point cut. There have been increasing signs that Australia's economy is being hit by a slowdown in global growth and demand for its resources. "This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated," the Reserve Bank of Australia (RBA) said in a statement. "Growth in the world economy slowed in the second half of 2011, and is likely to continue at a below-trend pace this year."
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