Italy 10-year yields are down by almost 6 bps to start the morning
S&P affirmed Italy's rating on Friday and is helping to see Italian yields tumble as we begin the new week. 10-year BTPs are rallying as we start the session and that has also seen the yields spread between 10-year German and Italian bonds narrow to 254 bps from around 260 bps at the end of last week.
In a time where the euro area is lacking positive developments, the news here could lend short-term relief for the single currency in the European morning today; or at least prevent it from falling further.
