Turnaround in July on net purchases of BTPs and Italian public debt securities from abroad. The latest data from Bank of Italy on the balance of payments indicate that - after the May-June leak - foreign purchases returned in July: a total of 13,5 billion, of which 8,7 referred to public debt securities.
This is certainly good news compared to the trend recorded in the previous two months which was affected by the Italian political uncertainties. In June, the financial account of the balance of payments was burdened "by net sales by foreign investors of shares for 4,1 billion and debt securities for 38,3 billion, of which 33 billion of public bonds”. In May, net sales of medium and long-term debt securities by non-residents amounted to 33,4 billion. Over 60 billion in two months.
The haemorrhage had led Unicredit experts to estimate that the total number of Italian government bonds held by foreign investors had fallen below 610 billion euros in June, levels not seen since September 2017. But precisely this significant outflow made us think that there were the premises for a rally in July, favored by the government's reassurances on the 2019 Budget Law. Sonio data that demonstrate the sensitivity of investors in the face of the often impromptu statements of the ministers in office that the Treasury holder Giovanni Tria is trying to balance . The real impact will be seen in the coming months, when the maneuver comes to fruition.
