New day of passion on the markets. The hypothesis of a political government – with the prime minister in charge Carlo Cottarelli on standby and a possible return of an M5S-Lega executive supported by the Brothers of Italy – had revived the markets. But, in this political season so uncertain and full of continuous twists and turns, the markets are also in the throes of growing volatility. The spread between BTp and Bund, after closing on Tuesday up by 303 basis points, the highest since June 2013, started a rapid decline in the first part of the morning, reaching 270 basis points. Piazza Affari continued to rise with the Ftse Mib above 21.650. Then came the statements of Matteo Salvini who ice creamed Luigi Di Maio: "Di Maio" reopens to whom? To what? It's not like we're at the market”.
New cold shower and rise of the spread to 286 points, Piazza Affari in the red. Then Cottarelli's statements restore some calm: in the course of the activity of the president in charge – his staff let us know – new possibilities for a political government would have emerged. Statements supported by the development of the Northern League position ("We do not block a solution but only for emergencies, then the vote" restores oxygen to the price lists. At 12:07 the Ftse Mib rose to positive ground (+0,48%) and the Btp-Bund spread travels around 272 points.
In the ups and downs of the Milan Stock Exchange, light on banks, post offices and Mediobanca.
In the first part of the morning, the less pessimistic sentiment also gave relief to the euro which had opened at 1,1584 dollars, just above yesterday's close at 1,1558 dollars. The single currency rose above the threshold of 1,16 to 1,1605 dollars, recovering from the lows since July 2017 reached the previous day. The cross with the Japanese currency also rose, with the euro trading at 126,29 yen, after opening at 125,80.
