US indices soared higher yesterday on good earnings reports from tech stocks but that mood hasn’t translated to the European session. Obviously the main focus remains on the virus but the macro data does not help. The Italian Q4 GDP unexpectedly shrank by as much as 0.3% and a similar report showed a 0.1% contraction in France. Only Spain delivered a positive report with expansion of 0.5% q/q. Let’s recall that the Italian index (ITA40) was at the highest level in more than 11 years earlier this week.
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