Italian bond have continued to rally sharply this week, while other peripheral spreads have tightened modestly.
Anleger sollten beim Kurs-Gewinn-Verhältnis auf die Gewinne und nicht nur auf die Kurse achten, empfiehlt Jeroen Blokland von Robeco.
Risk-off mood this week has hurt peripheral bonds significantly, pushing Italian spreads to 5-year highs. The ongoing re-pricing of risk in Emerging Markets may continue to fuel some volatility in the periphery.
Moody’s decided to postpone its rating decision to the end of October. The rational was to obtain better visibility on the 2019 budget. The reversal of the pension age or the increase in pension benefits could well trigger a downgrade.
Italienische Top-Politiker fürchten einen Angriff auf italienische Staatsanleihen zum Monatsende hin. Gute Neuigkeiten gibt es dagegen aus Griechenland.
Contrasting with this populist rhetoric, Finance Minister Tria has tried to reassure markets that the EU deficit rules will be respected.
Some Lega officials renewed their anti-euro rhetoric this week, calling for an euro exit. This does not bode well for a quiet summer.
