Danske Bank analysts note that the market continues to focus on Italy, where the more conciliatory rhetoric from Italy we saw late last week is gone after it has become clear that the EU Commission has sharpened its rhetoric towards Italy.
Key Quotes
“Yesterday, Deputy Prime Minister Salvini said that he will devote all his energy to changing the “old and obsolete rules” of the EU. Hence, BTPs remained under pressure yesterday, though it helped sentiment somewhat that EU Commissioner for Economic and Financial affairs Moscovici said that he is not in favour of sanctions against Italy. The EU Commission and Italy will “exchange views” he added.”
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