The tension on Italian bonds returns. In the morning, the Italian XNUMX-year BTP spread and the German equivalent maturity it widened above the threshold of 250 basis points, reaching 253 points after opening around 241 points. The figure is the highest since last February 8, when the differential with the Bund dangerously touched 290, one of the highest values since the new yellow-green government took office, even if the record remains the 326 basis points of November 20, 2018 The news, however, is another: the negative data on European manufacturing, at its lowest for six years, are leading to sales on Italian bonds but at the same time purchases on the German Bund, which thus returns to zero yield for the first time since October 2016. The yield of the Italian 2,53-year benchmark BTP therefore rose to 2,45%, from XNUMX% at yesterday's closing.
The Eurozone's PMI manufacturing index, on the other hand, fell to 47,6 in March from 52,8 in February and below expectations which saw it at 49,5. This is the minimum for six years. This was communicated by IHS Markit adding that the indicator relating to services also marks a slowdown, falling to 52,7 from 52,8 (was expected at 52,6), while the composite index falls to 51,3 from 51,9 February and was expected at 51,8.
Meanwhile in January, according to the indications of the Bank of Italy obtained from the statistics on the balance of payments, foreign investors carried out purchases of Italian portfolio securities for 23,4 billion (of which 21,8 related to public securities, mainly BTPs) and direct investments in Italy for 2,3 billion. "Capital inflows from abroad for the purchase of Italian debt securities have not been recorded since last July", noted the Bank of Italy in a note, thus recording that the appetite for "paper" is back Italian by foreign investors
