Die Krise in Italien hat das Thema Handelskrieg und das Hin und Her beim geplanten Gipfeltreffen von US-Präsident Trump und Nordkoreas Machthaber Kim Jong-Un in den Hintergrund gedrängt. Was in Italien im März als Kräuseln begann, nahm Anfang dieser Woche allmählich Tsunami-ähnliche Ausmaße an.
Last week the Italian Premierminister Giuseppe Conte called on his first speech of Contefor a reform of the monetary union. Meanwhile the Spain prime minister Pedro Sanchez sent a strong pro-European message.
Last week has been full of unpredictable about-turns on the Italian political scene, big enough for short-dated BTPs to price in a significant denomination risk, in other words a non-negligible risk of Italy leaving the euro.
Investors leave Italien government bonds due to growing political uncertainty. In Spain - it seems - rises another crisis.
Especially Italian government bonds came under significant pressure last week after the Huffington Post published a leaked draft version of a 5star – League coalition agreement. Meanwhile in Catalonia new regional elections had been avoided.
Coming as a last minute surprise, the two italian populist parties have agreed to form a government alliance. Meanwhile Catalonian separatist parties intend to elect their regional president this week.
Anleger sind auf die falschen 3 Prozent fokussiert, wenn sie glauben, die Rendite auf US-Staatsanleihen sei ein Anzeichen für fallende Aktienkurse, sagt Lukas Daalder, CIO Robeco Investment Solutions.
