BTP: buy back with Draghi. Possible surprises from S&P tomorrow

In the first part of the session the spread and the BTPs showed some tensions after the diffusion of the disappointing preliminary PMI indexes of October in Europe and awaiting the ECB meeting.

The turning point came in the afternoon following the statements made by Mario Draghi at his last Board meeting as president.

The Eurotower has not reserved any particular surprises and Draghi has in fact confirmed the indications already given to the market during the previous meetings.

In particular, the outgoing president defended quantitative easing, specifying that the ECB still has some time before reaching the purchase limits for individual issuers in the context of its program.

After the declarations of Draghi the tensions on the bond front were relaxed and thus the BTP-Bund spread closed down 1.47% to 141.1 basis points, after having reached intraday a maximum of 144.2 basis points points.

BTP also performed well, with a return on purchases, with the ten-year yield falling by 2.69% to 1.011%.

Market attention is now focused on tomorrow's appointment, when the verdict of Standard & Poor's on Italy's rating is expected.

Positive surprises cannot be ruled out, at least according to the indications of Citigroup analysts, who believe that an improvement in the credit rating of Italy tomorrow is possible.