Italy is the best-performing market in Europe with very strong gains in the banks. There is some news on the resolution of the Veneto bank situation but that doesn’t account for this kind of move. UBI Milan is the best performer, with no news in the Italian or foreign media.

The BTPS-Bund spread is slightly tighter as well.

Evidently something is in the works. We and other non-insiders will find out what it is.