It is an escape from Italy: Piazza Affari leaves 2,65% in the field and falls back to 21.350 points. The spread between 10-year BTPs and the German 29,60-year BTP rises by 303.40% to 3,33 basis points; the yield rises to XNUMX% (yields on short maturities soar). Today is a session of tears and blood, lived in anticipation of the President in charge Carlo Cottarelli's ascent to the Colle, for a stalemate at the moment, given that the premier will meet again tomorrow with the President of the Republic Sergio Mattarella. And so the nervousness grows, when elections in July seem more likely.
Meanwhile it is a target practice on the beautiful country, starting from the European Commissioner for the budget, Gunther Oettinger, according to which "the negative development of the markets will lead Italians to no longer vote for the populists". The vice president of the ECB, Vitor Constancio, invites Italy to review the rules on aid to countries in difficulty and the EU commissioner for the economy, Pierre Moscovici, reiterates that the fate of Italians is in their hands. According to economist Mohamed El-Erian, Mattarella made a "major political miscalculation". For George Soros, the EU is in an "existential crisis" and must "reinvent itself". To reassure investors and to stop the speculation in progress, even what the governor Ignazio Visco says is not needed, namely that "it is serious and there is no justification, if not emotional, for what we observe today on the markets". The threat from the Moody's rating agency to proceed with a downgrade of the country weighs heavily, should the next Italian executive adopt insufficient policies to contain the public debt/GDP ratio.
The climate of distrust involves the entire euro area, which is also penalized by the Spanish situation. On the other hand, as Visco says, "Italy's destiny is that of Europe". The risk is that the next elections, whether in July or September, will resemble a referendum for or against the euro.
The single currency retreats against the dollar, reaching 1,154. Madrid loses 2,49%; Frankfurt -1,53%; Paris -1,29%. London, -1,23% and Zurich -1,66% are not doing much better.
Wall Street opens negative and continues downwards, worried by geopolitical problems. Among raw materials, gold is up, +0,34%, 1.302.58 dollars an ounce, while oil shows little movement. Brent 75,16 dollars a barrel, -0,21%. Only oil stocks are saved on the Ftse Mib: Saipem, +3,22%; Tenaris +0,54%; Eni +0,13%. Banks remain the hardest hit by this crisis, even if Monte dei Paschi, +2,83%, rebounds. Banco Bpm -6,73%; Banca Generali -6,09%; Unicredit -5,61%; Leonardo -5,39%; Bper -5,04%; Ubi -4,9%; Understanding -4,09%.
