Still a day to remember for the Italian spread. After yesterday's encouraging drop, this morning the yield differential between XNUMX-year BTPs and Bunds returned again below the psychological threshold of 300 basis points. The new width of the gap corresponds to interest rates on our ten-year bonds equal to 4,41%. At the end of July it was 6,55%.
Yesterday the spread had fallen to a minimum of 295 basis points, for a yield on the 10-year BTP at 4,38%, the lowest level in the last two years. Five months ago the differential was around 530 basis points.
The decline in the spread is determined by a number of factors. In the first place the new prospects for Greece, who clarified the modalities of the 10 billion euro buyback intended to reduce the public debt and unblock international aid in favor of Athens.
The price fork turned out to be higher than the initial forecasts, up to 40% of the nominal. A decision that electrified the markets also because it was preceded by some unexpected statements by Angela Merkel: for the first time, Germany said it was willing to cancel part of Athens' debt.
Tonight, moreover, a second, crucial, European match went through: the Eurogroup has given the go-ahead for the funds (€ 39,5 billion) to be used to rescue Spanish banks.
On the equity front, the decline in the differential makes the banks travel to Piazza Affari. In the middle of the morning we find the Ftse Mib at the head Ps (+ 2,52%), Pop Milan (+ 2,49%), Ubi (+ 2,36%), Unicredit (+ 2,02%) and Understanding (+1,76%). The general index gains just over one point.
