The political and institutional chaos in which Italy finds itself is reflected on the stock market and the spread. Business Squarei loses 2,08% and drops below the psychological threshold of 22 points (21.932), while the yield of the BTP 10 years climbs to 2,69% and the differential with the Bund reaches 235.00 (+10,28%), a level not seen since the end of 2013. Two-year bonds are under even more pressure, with the spread widening by almost 49 basis to 157. New high for credit default swaps on Italian debt with the 5-year indicator up to 174 basis points. In an extremely complex context, the Treasury places the entire amount offered in today's auction of Ctz and Btpei, with a "macroscopic" rise in the yield which, compared to -0,275% in April, rises to the highest level since December 2014 at 0,350 %. Tomorrow it will be the turn of the six-monthly Bot whose rate could return to positive territory.
It is not enough to reassure the markets the appointment of the Quirinal to Carlo Cottarelli for a caretaker government that takes the country to the elections and not even the words of the designated premier “the Italian economy is growing and the public accounts remain under control. A government led by me would ensure prudent management of our public finances". While the tones of Lega and 5 stars rise, it will not be easy for the economist to find the votes in Parliament and "in the absence of trust, the government would resign immediately and its task is that of the ordinary administration for the elections after the month of August".
The Italian uncertainty adds up to the Spanish one (the vote on the no-confidence motion presented by the PSOE socialists against the conservative premier Mariano Rajoy will be on Friday XNUMXst June) and the single currency, after an attempt to recover, falls again against the dollar in the 1,162 area.
Madrid it loses 0,63% and the other price lists in the euro area are also negative such as Frankfurt -0,58% and Paris -0,61%. The session is also more sluggish and volatile due to the closure of the London Stock Exchange and Wall Street for holidays.
On the raw materials front, the Petroleum it deflates a bit, with Brent falling to 75,42 dollars a barrel (-1,37%).
In Piazza Affari the greatest weight lies with financial stocks, which have now entered a "bear" phase: Finecobank -7,22%; General Bank -6,73%; Bpm bank -6,58%; Bper -5,84%; Mediobanca -6,08%. The index of banks, since April 24, has lost more than 20%.
Few purchases pay off Moncler +0,56%; Ferrari +0,44%; Unipolsai +0,53%. Out of the main list Ima drops by 1,69%, after announcing the agreement for the acquisition of a 70% stake in Ciemme Srl.
