Italy collects Moody's coup, but, for the moment, it remains standing. Despite the downgrade by the American agency, the spread between the XNUMX-year BTPs and the corresponding German Bunds did not show the surge that was feared.
Indeed, at the start of trading the differential even dropped to 371, three points less than at yesterday's close. In the following minutes, however, the value started to rise again, until it once again exceeded the 380bps wall by three points.
A trend that demonstrates the strong volatility of the markets. Significant fluctuations are recorded not only in the bond field, but also in share lists. Shortly after opening, Milan earned almost 2% against all odds. Subsequently, the gains suddenly decreased (+0,6%), only to then rise again. At 10 the Ftse Mib gains about one point. The other main European stock exchanges were also positive, but even on these squares in the last few minutes the initial gains have diminished: Paris gains 1,48%, London and Frankfurt 1,14%.
