Jump in the spread between BTP and Bund, which at the close of trading marked 118 points, with the yield on ten-year government bonds standing at 4.69%. The spread therefore stands at its highest since April 2025.
There is strong pressure on the global bond market: US Treasury rates have reached their highest levels since 2002, consequently driving financing costs around the world towards multi-year highs. In the Eurozone, according to investors, the worsening of the energy crisis could support forecasts of at least three rate increases by the ECB by the end of 2027, also fueling fears about debt sustainability in the most indebted countries given the political uncertainty of the 2027 elections.