The Asian and European stock exchanges are down (although Milan turned positive in mid-morning), but the spread, in the meantime, continues its descent and is confirmed below 240 basis points, still around 235 points, for a yield on the Italian ten-year which in turn is approaching the 4% threshold.
Already reaching a minimum of 234 points yesterday, the spread between ten-year BTPs and German Bunds reached levels not seen since July 2011. Spanish bond yields also fell: the spread between Bonos and Bunds narrowed around 250 basis points. Consequently, the gap between Italy and Spain was also reduced to about fifteen points (it was 7 after the outcome of the political elections at the end of February, but the gap had then widened again to around 40 points). The euro, on the other hand, changes hands at 1,3335 dollars, while it remains above 130 against the yen.
