Italian BTP-Bund spread narrows as Saipem shares plunge

The spread between Italy's 10‑year BTP and Germany's Bund fell below the 80‑basis‑point psychological level, reaching about 80 bps, while BTP yields slipped to roughly 3.88‑3.92%. The move was driven by lower oil prices and hopes that the United States and Iran might resume talks, easing market tension ahead of the Federal Reserve's policy meeting.

On the Milan stock exchange, the FTSE MIB remained essentially flat, with Leonardo and Avio posting gains. Saipem's share price dropped about 8% after the company reported its semi‑annual results, dragging down the industrial segment. Other notable movers included Stellantis (+1.77%), Ferrari (+1.21%) and Brunello Cucinelli (+1.15%). The spread's stability at around 81 bps was highlighted alongside the modest decline in Italian sovereign yields.