Piazza Affari is back in red at the mercy of yet another day of high volatility. The spread, which this morning seemed to send out positive signals reaching an intraday low of 178 basis points, soared again closely accompanied by yields and reached 16 at 195. This is the chronicle of yet another political-financial day of passion, at the day aftertask that Professor Giuseppe Conte received from the Head of StateSergio Mattarella.
The prime minister in charge is meeting representatives of all political forces in the Sala dei busti of Montecitorio, even if the most difficult task seems to be finding the right place on the name of the next economy minister: Savona or Giorgetti?
The words spoken yesterday by Conte after the meeting with Mattarella on "European location of Italy", they seemed to have had the desired effect on the markets: this morning Piazza Affari was traveling in positive territory, earning 1%, and the spread had taken a downward trajectory.
However, in the middle of the session, fears about the fact that the new government could create a rupture with Brussels sent the Ftse Mib into negative territory (-0,8% to 22.719 points), causing the difference between the BTP and the Bund above 195 basis points, with a yield of 2,4%. A joke from the leader of the Democratic Center, Bruno Tabacci, after the meeting with Conte was significant: “The president in charge listened to us carefully but I told him that we cannot think of amending the European Treaties by consensus if every day the leader of the Lega or that of Cinque Stelle opens vitriolic controversies with Brussels”.
In particular, a video published by has fueled the concern of investors Matteo Salvini on Facebook, in which the leader of the League declared: “Europe advises, sometimes threatens, and tells us: you should make a 10 billion euro tax maneuver. Are we joking? The last thing Italy needs are taxes, I think you voted for us to do the exact opposite of what Europe has suggested or imposed on us with the threat”.
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The reference is to the warning launched by the Vice-President of the European Commission Valdis Dombrovskis who feared the possibility of a corrective maneuver of 10-15 billion euros on the 2018 accounts.
Reason for nervousness also seems to be the tug of war against Paolo Savona as Minister of the Economy: "It seems that someone does not want Savona as Minister of the Economy - continued Salvini - What is the problem if someone makes himself available with authority, competence to go and re-discuss and renegotiate rules, constraints and regulations for well-being of Italian citizens? Is it a disvalue? Instead, I think it is a source of pride for the country”.
However, Salvini's insistence does not seem to please Colle. When asked if there are presidential vetoes over some ministers, the Quirinale denied any "veto" by granting instead access to theinadmissibility of diktat towards the Prime Minister and the President of the Republic in the exercise of the functions that the Constitution attributes to both.
