Milan finished sharply lower (-1.16% with Ftse Mib at 20,961 points Below 21,000), an uncertain session, which is worse than other European listings, is also in red. The widening spread and rising BTP yields are already under tension on Monday despite Piazza Affari’s good reception after the election result with its weight.
Amplifon (+3.86%) stands out with Saipem (+3.82%) at the end thanks to contracts worth 1 billion in Ivory Coast. Tim took another step forward (+3.41%) while he waited with the new government and with it the CDP offer for the network, as well as the premise of selling Tim Brasil. Tenaris (+3.02%) and Nexi (+2.69%) also did well, being the last in the New Plan wave. Shortage of methane to beat winter after damage to Nord Stream: Terna -5.49%, Enel -5.4% Hera – 5.31% A2a -4.08% hump -3.92%. Among the smaller stocks, MPS contained closing losses to 1.8% (to €29.97)
Thus, the spread between BTP and Bund is widening again, after the rally we already saw on Monday after the elections. The session ends above the 250-point threshold, at 250.7 to be exact, again at May 2020 levels. Even in the context of generally increasing government bond yields, the yield on the ten-year BTP is 4.72% over 2013 levels.
At shorter maturities, 2 and 5 years, Italian bonds offer higher yields – a measure of country risk – than Greece. The two-year BTP returns 3.2% (the Greek equivalent of 2.6%), and the five-year one is 4.2% (compared to 4% in Athens).
Wall Street turns negative. The Dow Jones lost 0.58% to 29,084.16 points, the Nasdaq lost 0.23% to 10,778.48 points, while the S&P 500 lost 0.53% to 3,635.77 points.
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