The Eurotower will also wait for 12 September. There ECB will communicate the details of the new anti-spread shield in the pipeline only after the verdict of the German Constitutional Court on the legitimacy of the ESM bailout fund. This was confirmed to the Bloomberg agency by sources from the Frankfurt Institute. The decision considerably reduces expectations for the new meeting of the ECB board, scheduled for 6 September.
In the early afternoon all the European Stock Exchanges travel in negative territory: Milan and Madrid are the worst performers, down by 1,56% and 1% respectively.
The spreads are also bad: the differential Btp-Bund returned beyond the threshold of 440 basis points, up to 443, while the one between the German ten-year bonds and the Spanish Bonos returned above the ceiling of 500 points, up to 511.
