Expand chart
Data: FactSet; Chart: Axios Visuals

Italy's back-to-back economic contractions to end 2018 put the country in recession and its stock market, like most of Europe, suffered. Things aren't looking to get much better this year, as country has a projected growth rate of 0.1%.

Yes, but: Since Dec. 27, Italy's benchmark FTSE MiB has been on a tear, rising to bull market territory and outperforming broader European stocks and the S&P 500. (The S&P 500 hit its lowest point on Dec. 24 and the FTSE MiB hit bottom on Dec. 27.)

What's happening: It's been a rally based on relief, says Joseph Trevisani, senior analyst at FX Street who just returned from a trip to Venice.

"Statistics have been a bit better than expected, or more accurately not as bad as feared. Domestic politics are tilting a bit to the League, which is viewed as more business friendly than the 5 Star, with which it shares power."

Between the lines: Most important to the bounceback, Trevisani says, "the Italians are clearly optimists."

Flashback: Markets at the start of Italy's technical recession

Go deeper

Ben Geman, author of Generate
4 mins ago - Energy & Environment

The escalating political battle over California's plan for gas-free cars

Illustration: Eniola Odetunde/Axios

The fate of California's aggressive moves to wring carbon emissions out of transportation could depend heavily on the election and the shape of the Supreme Court.

Why it matters: California is the country's largest auto market and transportation is the country's largest source of CO2.

Updated 53 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 31,920, 652 — Total deaths: 977,311 — Total recoveries: 22,002,729Map.
  2. U.S.: Total confirmed cases as of 8 a.m ET: 6,935,414 — Total deaths: 201,920 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing — The coronavirus is surging again.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. World: Justin Trudeau says Canada's second wave has begun
  8. Future: America's halfway coronavirus response
Dion Rabouin, author of Markets
58 mins ago - Economy & Business

The stock market's not-enough tantrum

Illustration: Eniola Odetunde/Axios

The market looks like it may be throwing another tantrum, investors say. But the cause is different this time around.

What's happening: This selloff is beginning to look like the 2013 taper tantrum, which roiled markets as U.S. government yields rose in response to an expected reduction of the Fed's quantitative easing (QE) program.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!