Political uncertainty pressured 10-year BTP-Bund spreads to above 190 bps, the highest level since early 2017. While some partially attribute deteriorated market perception to weakening euro economic area data – manufacturing and composite PMIs have weakened, albeit from high levels – J. Safra Sarasin says that the substantial weakening of short-term Italian credit (2-year BTP-Bund spreads doubled in a week)…
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