After the mid-August descent, it climbs slightly again the Italian spread. This morning at the opening, the yield differential between 10-year BTPs and the corresponding German Bunds fluctuated between a minimum of 416 and a maximum of 427 basis points, then stabilizing at around 425, five points more than at yesterday's close. The new width of the scissor corresponds to interest rates on our ten-year government bonds equal to 5,811%.
Little moves too the bags, with Milan traveling around parity. Operators' attention is always on the macroeconomic front and above all on the data that will be announced in the morning.
“The markets will focus in particular on the August Philadelphia Fed index in the United States – commented in an interview with Bloomberg Michael Hewson, market analyst at Cmc Markets -, following the extremely disappointing publication, yesterday, of the NY Empire Manufacturing Index, which indicated the first negative reading since October 2011. However, expectations are for a recovery compared to the month of July”.
The data on home construction is also expected from the USA, which according to analysts could have tested the record of the last four years in July.
Meanwhile on the currency market the euro opened slightly lower against the dollar. The single currency is traded at 1,2270, against the 1,2286 dollars recorded yesterday on the Wall Street market.
