ROME, Jan 28 (Reuters) - Italian business confidence rose by
slightly less than expected in January but touched its highest
level since June 2008, boosted by an improvement in internal
orders and lower inventories, data showed on Thursday.
Economic research institute ISAE said its seasonally adjusted business morale index rose to 83.2 from a revised 82.4 in December.
December's index was revised down from a previously reported 82.6.
FORECASTS
The index fell just short of the average forecast in a Reuters survey of 22 analysts which pointed to a rise to 83.4. Forecasts spanned 81.8 to 85.
KEY DATA
JAN DEC NOV OCT SEPT AUG Overall index 83.2 82.4r 79.3r 77.8 74.6 75r Orders level -39 -41r -47 -50 -52 -51 Inventories -5 -2 -3r -3 1 2 Production
outlook 6 7r 4 1 -3 -3
COMMENTARY
PAOLO MAMELI, INTESA SANPAOLO
'The data is positive, but after looking at the components of the data, it apears less brilliant than at first sight.
'In the first quarter, the Italian economy could return to growth of about 0.2-0.3 percent. But looking at the data on the orders and even expectations of orders does not allow us to forecast strong improvement in the medium-term.'
GILLES MOEC, DEUTSCHE BANK
'This is slightly better than we had expected and is in line with the news from Italy in the last two or three months, that Italy is participating in the globaly recovery more than it had been until the summer.
'It is probably a result of global demand more than domestic demand which still seems somewhat depressed. The danger is that after Italy's stellar summer with industrial production this could disappoint. It is not quite as strong as France and Germany so Italy is in an intermediate position between them and the much lower performance of other peripherals. But Italy is clearly participating in the recover which puts it in a different league from the other peripherals.'
Keywords: ITALY BUSINESS/CONFIDENCE (deepa.babington@thomsonreuters.com; + 39 06 8522 4369; Reuters Messaging: deepa.babington.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Economic research institute ISAE said its seasonally adjusted business morale index rose to 83.2 from a revised 82.4 in December.
December's index was revised down from a previously reported 82.6.
FORECASTS
The index fell just short of the average forecast in a Reuters survey of 22 analysts which pointed to a rise to 83.4. Forecasts spanned 81.8 to 85.
KEY DATA
JAN DEC NOV OCT SEPT AUG Overall index 83.2 82.4r 79.3r 77.8 74.6 75r Orders level -39 -41r -47 -50 -52 -51 Inventories -5 -2 -3r -3 1 2 Production
outlook 6 7r 4 1 -3 -3
COMMENTARY
PAOLO MAMELI, INTESA SANPAOLO
'The data is positive, but after looking at the components of the data, it apears less brilliant than at first sight.
'In the first quarter, the Italian economy could return to growth of about 0.2-0.3 percent. But looking at the data on the orders and even expectations of orders does not allow us to forecast strong improvement in the medium-term.'
GILLES MOEC, DEUTSCHE BANK
'This is slightly better than we had expected and is in line with the news from Italy in the last two or three months, that Italy is participating in the globaly recovery more than it had been until the summer.
'It is probably a result of global demand more than domestic demand which still seems somewhat depressed. The danger is that after Italy's stellar summer with industrial production this could disappoint. It is not quite as strong as France and Germany so Italy is in an intermediate position between them and the much lower performance of other peripherals. But Italy is clearly participating in the recover which puts it in a different league from the other peripherals.'
Keywords: ITALY BUSINESS/CONFIDENCE (deepa.babington@thomsonreuters.com; + 39 06 8522 4369; Reuters Messaging: deepa.babington.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.