Lo spread touches 310 basis points e Business Square it sinks by 2,25% below 20 thousand points. The European Union's first rejection of the Italian Maneuver shakes the market, which reacts heavily to the war that the duo Salvini-Di Maio seems willing to wage against Brussels.
“At first glance, the Def seems to constitute a significant deviation from the budgetary path indicated by the EU Council, which is a cause for serious concern,” write Commission Vice-President Valdis Dombrovskis and Economic Affairs Director Pierre Moscovici. “We ask the Italian authorities to ensure that the maneuver is in line with the common fiscal rules”, they continue.
The clash for the banks turns into a real Caporetto, with the reference index dropping by 4,2%. In the Ftse mib the worst is Bpm bank, which at 11.30 marks a drop of 5,97%. In strong red also Where's Banca e Mediobanca which lost 4,97% and 4,79% respectively. The two big names in the sector were also down: -4,3% per Unicredit, -4% for Intesa San Paolo. Outside the main price list they collapse Bank Ifis (-7,8%) And Carige (-6,78%). No stocks on the rise.
Returning to the spread, the surge is powerful: on Friday the differential between the BTP and the Bund had closed at 279 basis points, at 11.30 today it was instead at 305 points. Salt also the return of the ten-year Italian market, which stands at 3,59%, a new high since February 2014.
“If I wanted to think badly, I would say that behind the spread of these days there is a maneuver by Soros-like speculators who aim for the bankruptcy of a country to buy the remaining healthy companies, at balance prices. On behalf of the government I say we will not go back. Those who want to speculate on the Italian economy know that they are wasting time”, said the deputy prime minister and interior minister, Matteo Salvini, at a Ugl conference “Economic growth and social perspectives in a Europe of Nations”, in the presence of Marine Le Pen.
In this context, the warning launched by Credit Suisse should be noted. According to the Swiss institute, a further increase in the spread would become unsustainable for Italian banks which would be forced to resort to new capital increases: "The spread above 400 basis points is not sustainable", states the Credit Suisse report. "A 200 basis point widening from 238 at the end of June would reduce the Cet1 (main indicator of capital strength, ed) on average by 66 basis points, from 12,53% to 11,87%" for the banks monitored by Credit Suisse, "triggering capital increases".
