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Snap election possibilities

BTP

The possibility of snap Italian elections is driving fixed income this morning. Correiere della Sera reported this morning that PM Conte could seek these elections after failing to get an outright majority in the Senate confidence vote earlier this week.

  • BTP futures have fallen to their lowest levels since November, touching 149.73 before recovering somewhat to 150.06 at writing. The next support levels are at 149.64, the Nov 12 low and 149.09, the Nov 11 low.
  • Note also that we noted yesterday that BTP yields are higher than GGB yields, this spread is now almost 6bp in favour of GGBs at writing.

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