The markets are responding ambiguously to the attempts at reassurance that arrived yesterday from Italy. A few hours after the unexpected political acceleration it could bring Mario Monti at the helm of a new caretaker government as early as Sunday, trading on our country's securities continues to be uncertain.
After an opening at 550, the spread of Italy immediately suffered a surge up to return to 570 basis points, very close to the historical record set yesterday morning (575 basis points). Immediately afterwards, however, the yield differential between Italian and German bonds suddenly collapsed by 40 points, settling around 10 at 533 bps.
A similar argument holds for i yields on BTPs. The day began with a series of increases: in particular, 5-year bonds reached the new record since the introduction of the euro (7,80%), while 2-year bonds reached 7,36% . Interest on the 7,4-year bond, on the other hand, after having risen to 7% at the start, dropped again by a few decimals in the following minutes, settling at XNUMX% by mid-morning.
Volatility remains high even at Business Square, which however, after traveling around parity at the start of trading, will accelerate upwards. Milan earns around 2%, better than other European lists.
