Tensions on Italian public debt ease slightly. Early afternoon the spread between 10-year BTPs and the equivalent German Bunds is back below the wall of 450 basis points, down to a minimum of 444, with yields that return below the psychological threshold of 6%. This morning the differential had opened at 465, then reaching a maximum of the day at 471 points. The new spread level corresponds to interest rates on our 5,923-year bonds of XNUMX%.
“On the one hand, the shrinkage is determined by profit-taking on the Bund, after the German market has reached very high levels – says Matteo Regesta, strategist of Bnp Paribas, questioned by Reuters -. On the other hand, a certain optimistic euphoria regarding the Eurosummit of 28 and 29 June is starting to spread among operators. Operators expect the summit to create a credible European strategy. The idea is also that between now and the summit the ECB will try not to intervene to make the political front responsible”.
In September futures on the Bund reached a session low at 141,92, after opening at 142,64. In addition to the decline in the Bund, good demand for the suburbs also gave a certain boost to the suburbs Spanish auctionsdespite the jump in yields. Madrid placed 12- and 18-month bonds for a total of 3,04 billion with bid-to-cover rising.
Meanwhile, all the European stock exchanges are traveling positively, with Milan scoring the biggest rise (+1,68%), followed by London (+1,05%), Frankfurt (+0,58%) and Paris (+0,51 .XNUMX%).
