For a few minutes there was a panic on the bond market. In the wake of the jolt of the Milanese square, which followed the statements by the CEO of Generali, Giovanni Perissinotto, the yield on the ten-year BTP rose to 5,96% and the spread with the corresponding German Bund was close to 480 points, reaching a peak of 479 points. However, the gap narrowed slightly to 475bps. The diffusion of the negative PMI index for the whole Eurozone in May also weighed on the spread. In Italy, the indicator reached a two-month high of 2 points but still marked a contraction in the activity of the manufacturing sector.
Also in Spain, the PMI manufacturing index for May shows a contraction and settled at 42 points, on its lowest level for 3 years, and lower than that of Greece (43,1 points) and that referring to the entire Eurozone. It also grows tension due to risks in the banking sector linked to the real estate bubble and the Bonos-Bund spread reached a new all-time high of 547 points before falling back to 542bp.
On the equity markets, the Ftse-Mib lost 0,76% and the Ibex 35 0,30%.
