The Btp/Bund spread has exceeded the threshold of 550 basis points. After having broken through the 570 mark, the differential is now traveling in the 555 basis point area with a yield of 7,34%, well above the fateful 7% threshold, considered a point of no return by many analysts and economists. In the morning, the yield of the ten-year BTP rose to 7,40%, that of the five-year to 7,60% while the interest on the two-year leaps to 7,13%. Levels never seen since the birth of the euro. The message from the markets is unequivocal: Prime Minister Silvio Berlusconi's declaration of resignation after the approval of the stability pact is not enough.
Meanwhile, Piazza Affari is recovering from the lows but continues to fall: -3.41% the Ftse / Mib index to 15.129, after several blue chips, starting from the banks, were suspended due to excessive reductions. The Italian emergency infects the other European price lists: Paris -2,12%, Frankfurt -2,49 London -1,91%. The system fears that, once the levees are broken, the BTPs have now entered an uncontrollable spiral, as the experts have been warning for days: once certain levels are exceeded, in fact, technical reactions are triggered which are impossible to counter. Starting tomorrow, the Clearnet clearing house is asking for a haircut increased by 5 points for BTPs, to protect the solidity of the market. And this resulted in a further rain of sales. In turn, the BTPs in free fall cause the banks to collapse, considered a "proxy" of the Italian state.
Once again this morning the central European ECB intervened on the ten-year BTPs but, comments the Financial Times maliciously, Mario Draghi does not intend to deflect from what has already been announced: Frankfurt's purchases cannot replace the action of the States. Since Italy has not yet made precise commitments, therefore, the ECB limits itself to the purchases necessary to contain the contagion to other EU countries, but avoids firing ammunition that is in any case useless.
In this context, the negative signals abound: Lottomatica remains the worst stock in the main basket (-10%), followed by Mediaset (-8,45%), Intesa SanPaolo and Unicredit lose respectively 3,42% and 4,15%. % (after retracing from session lows). Mediobanca falls by 3,76%. Banco Popolare -3,18%, Ubi Banca -3,68%.
Heavy losses of the other blue chips: Enel -5,16%, Fiat Industrial -4,40%, Atlantia -4,48%.
