The BTP-Bund spread breaks the 250 basis points threshold and rises to 255 basis pointsup 12 points from yesterday’s close.
European stock exchanges are losing momentum mid-morning while the Nord Stream talks about unprecedented damage to three of its lines which prevent the forecasting of infrastructure recovery times. The price of gas thus starts to run again in Amsterdam, where it gains 6% a 184.3 euros per megawatt hour. Milan slips below par (-0.5%), London is unchanged, Frankfurt and Paris reduce their drops to 0.5% and 0.6% respectively, while Wall Street, where futures are up by more than a percentage point, it seems intent on rebounding.
Meanwhile investors continue to keep Italian government bonds under pressure, waiting for the new government to discover the cards on economic policy choices: the BTP-Bund spread is positioned above 250 basis points, at 255, with the yield on our government bonds – the worst in Europe – at 4.61%.
On the price lists utilities suffer (-0.7% the Stoxx index for the sector), with the closure of Nord Stream which will continue indefinitely, while semiconductors (+ 2%), raw materials (+ 0.6%) and energy are highlighted (+ 0.7%), driven by oil (the wti rose from the lows since January yesterday at 77.8 dollars a barrel). In Piazza Affari, Enel (-4%), Fineco (-3.7%), Terna (3.9%), Saipem (-3%) and A2A (-2.8%) pay duties, the spread punishes banks and insurance companies, with Generali (-2.5%) and Intesa (-1.8%) leading the falls, and Mps which continues to fail to make a price. On the foreign exchange market, the dollar takes a breather against all major currencies and trades at 0.962 against the euro, down 0.15%, and at 1.078 against the pound, down 0.9%.