Even during the first minutes after the opening of the European financial markets on 5 August 2026, the spread between Italian BTPs and German Bunds reduced significantly, reaching 77 basis points, one of the lowest levels since mid-July. It was not only the spread that fell, to its lowest level since mid-July, but also the yields. 77 basis points are close to the 75 which for weeks had been the reference for benchmark ten-year BTPs. In Europe, Spain is stable, the decline in the French spread continuesHowever, the spread between Spanish Bonos and German Bunds remains stable. 10-year OATs now record a spread of 78 basis points, with yields falling at a similar pace to Italian yields.