While waiting for the ECB, the markets let themselves be carried away by optimism and the Italian spread falls once again below the psychological threshold of 350 basis points. After starting the day at 356, the yield differential between 10-year BTPs and their equivalent German Bunds dropped to a minimum of 344 points. A level that matches interest rates on ten-year bonds equal to 5,29%: this is the lowest value since the beginning of September.
Meanwhile, all the major ones European stock exchanges opened positively: about an hour after the start of trading, Milan gained 0,66%, in line with Paris (+0,67%) and Frankfurt (+0,72%). More timid London, which travels around parity (+0,04%). On the shields in Piazza Affari Montepaschi (+2,72%) and Unicredit (+1,82%): both institutions are going through an important phase of changes at the top, with Rampl's shock farewell to Piazza Cordusio and the probable arrival of Alessandro Profumo at the helm of the Sienese Bank.
But the reason for the newfound optimism in both stock and bond markets is the maxi-loan arriving from Frankfurt. Mid-morning the Eurotower will announce the results of the second three-year refinancing operation (Ltro2) of the European banking system. An unlimited flow of money at the dream rate of 1%. The first auction, which took place in December, injected 500 billion euros into over 489 lenders.
Also this time in the front row there will be Italian and Spanish banks, which thanks to the new liquidity have recently increased their purchases of government bonds, allowing spreads to drop visibly. Everyone's hope - including Draghi - is that this time the ECB loans will also be used to finance the real economy.
