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Analysts at Danske Bank point out that the turbulence surrounding the Italian budget continued yesterday.

Key Quotes

“With no DEF published and scarce communication on further underlying assumptions from the government, the day ended with 30bp higher yields in the 2Y area. Particularly noteworthy are the media reports yesterday morning where the EU was said to reject the budget and President Juncker’s comment in the evening that ‘we have to prevent Italy from being able to get special treatment here that, if everybody were to get it, would mean the end of the euro’.”