If you don't want cup, cup and a half. When it seemed that there was no more instability in the markets after the new episodes of tension between China and the United States, Salvini arrived.

And it is that investors are extremely sensitive to uncertainty and today they proved it again. The crisis of the government coalition between the League and the 5 Star Movement triggered the Italian risk premium [ from 209 basis points on which it moved on Thursday until 238 ] and passed a hard bill to the Milan Stock Exchange, whose FTSE MIB index slumped 2.48% in the session before the uncertain political future of the country.

But not only Italy saw how its debt and its stock market suffered from the fear of the markets. And, although to a lesser extent, Spain also ended up paying for the transalpine party.

It was not exactly a good week for the Ibex. The drums of commercial war between the two largest economies in the world, the US and China, have suffered the selective Spanish throughout the week, but on Thursday it seemed that fear of a new global recession gave a small truce and allowed him to breathe a little bit. Little has been quiet, however. The Ibex collapsed again, 1.25%, and lost again the 8,800 points it recovered on Thursday, signing a weekly drop of 1.57%.

The rest of European places also suffered losses in this Friday's session: The largest, as already mentioned, was that of Milan (-2.48%) , but the German Dax did not get much better off (-1.4 %) and French Cac (-1.2%) . The European parquet that withstood the pull better was the London FTSE [just the day it was learned that its GDP had contracted for the first time since 2012] and that only fell 0.4% in the session.

With all the big European squares in red, the contagion of the Italian crisis to Spain was especially noticeable in the debt market, and if the week was being worrying for the Ibex, just the opposite was happening with the Spanish debt . The interest of the 10-year Spanish bond signed only a couple of sessions ago its historical minimum [0.16%], fueled by the flight of investors seeking refuge from the crisis between China and the US. But today, the sharp rise in the Italian risk premium also dragged the Spanish, which reached 84 basis points , with the interest of the Spanish bond at 0.26% [that of the German bund, against which calculates the risk premium of the country, is -0.58%].

The truth is that not only the Salvini effect made the markets suffer yesterday. The trade war is not even discounted yet and today the US president, Donald Trump, added another chapter of uncertainty. He said his country did not rule out canceling the planned round of talks with the Chinese authorities for next September, precisely where they planned to address the trade dispute and its possible solution. «We'll see if we have our meeting in September or not. If we do, it's fine. If not, it is also fine, ”said the president of the White House.

Whether the meeting is held or not, the truth is that the market is preparing for a long and lasting conflict [and that has already dragged on for 16 months], and its solution is not expected before the appointment with the polls in 2020 In U.S.A. And in the midst of this conflict, with the central banks stepping on the monetary stimuli again, Italian instability does not add certainty to the markets.

According to the criteria of The Trust Project

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