Today's stock markets, July 15. Chinese growth beats estimates, markets await US inflation.
MILAN – While new clouds gather over global trade, hit by the new barrage of tariffs announced by Donald Trump , the Chinese economy is booming, expanding by 5.4% in the second quarter, exceeding estimates. However, exports are the main driving force, while domestic demand is weaker. This support from exports, in turn, risks weakening ahead of the August 12 tariff deadline, the new deadline for the implementation of US restrictions. Markets are nevertheless moving positively this morning, with a particular focus on the inflation data due this afternoon.
Public debt falls in May
In May, Italy's public debt decreased by €10.0 billion compared to the previous month, reaching €3,053.5 billion. This was reported by the Bank of Italy in its statistical publication "Public Finance: Borrowing Requirement and Debt." This publication releases data for May 2025 on general government debt and borrowing requirement, and tax revenues recorded in the state budget. The decrease reflects the reduction in Treasury liquidity (€23.2 billion, to €46.2 billion), partially offset by the general government borrowing requirement (€12.1 billion), and the effect of discounts and premiums on issuance and redemption, the revaluation of inflation-linked securities, and exchange rate fluctuations (€1.2 billion). With regard to the breakdown by subsector, the decrease in debt is attributable to central government debt (€10.0 billion); local government debt and social security debt remained unchanged.
Stock markets open higher
European stock markets opened higher. The Frankfurt DAX gained 0.17%, the Paris CAC 40 0.14%, and the London FTSE 100 0.06%. The Madrid IBEX 35 also gained 0.19% and the Amsterdam AEX 0.47%.
The spread opens at 88 points
The spread between 10-year Italian BTPs and German Bunds opened at 88 basis points, down from yesterday's close of 89 basis points. The 10-year yield fell to 3.59%.
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