When the markets opened, it seemed like a day of glory for the Italian spread. After an opening at 383, the positive reactions to theagreement reached yesterday by European leaders on the enlargement of the EFSF led the yield differential between the ten-year BTPs and the corresponding German Bunds to drop, in the first hour of trading, up to a minimum of 355 basis points.
Later, probably due to the prevalence of perplexities related to the lack of clarity on the details of the intesa, the spread started to rise again, up to lapping the 370 points again. The new ascent can also be linked to the new one XNUMX-year Btp auction, which nevertheless achieved a good result.
The Brussels effect was also felt on the other main European spreads put under pressure by the markets in recent weeks. The spread Spanish it dropped from 343 (yesterday's closing level) to 316 bp, that French 111 to 92 bp and that Greco from 2,328 to 2,202.
