Italy-Spain 産する／生じる spread 縮むs as 投資家s 割引 politics
By Abhinav Ramnarayan
LONDON, Nov 3 (Reuters) - The 賞与金 投資家s 需要・要求する to 持つ／拘留する Italian 負債 over Spanish 攻撃する，衝突する its narrowest level in over a year and was half what it was just six weeks ago on Friday as 社債 markets 定価つきの out political 危険 in the euro zone.
分析家s believe a change in 選挙（人）の 法律 in Italy 減ずるs chances of a 人民党員 結果 in next year's Italian 選挙 and Madrid's 決定的な approach to shutting 負かす／撃墜する Catalonia's 企て，努力，提案 for independence has won the 是認 of 社債 market 投資家s.
In general, 投資家s have piled into Southern European 負債 recently and Italian, Spanish, Portuguese and even Greek borrowing costs have all fallen はっきりと over the past month.
分析家s say the market is cashing what it sees as 病弱なing of political 関心s in the 圏 against a 背景 of still 平易な 通貨の 政策.
"Whether it is 正当化するd or not, market is not worrying about the Italian political scene at the moment and on the other 手渡す there are hopes that the 根底となる 状況／情勢 is 改善するing with higher growth and いっそう少なく pronounced problems in the banking 部門," said DZ Bank strategist Daniel Lenz.
"The 全体にわたる 状況／情勢 of 改善するing growth numbers in the euro zone in combination with the ECB sticking to their expansionary path is very 肯定的な for peripheral spreads."
Earlier this year, Italian 投票s 示唆するd that anti-設立 party 5-星／主役にする Movement could take advantage of growing scepticism に向かって the 選び出す／独身 通貨 and make 伸び（る）s ahead of next year's 選挙.
This, in combination with 関心s over a possible 撤退 of 刺激 from the European Central Bank, 押し進めるd the Italian 10-year 社債 産する／生じる spread over Germany to 180 basis points and the spread over Spain to 62 bps around September and October.
On Friday, the Italy spread over Germany was at 142 bps and over Spain was at 30 bps -- both at their narrowest levels in 井戸／弁護士席 over a year.
Euro zone 政府 bo nd 産する／生じるs 急落するd last week after the ECB said it would 延長する its 資産 購入（する） programme until at least September 2018, albeit at a 減ずるd pace.
Italian 負債 -- seen as one of the biggest 受益者s of ECB largesse -- has been a 特に strong performer since, a 傾向 that 加速するd after a surprise ratings 昇格 from S&P and the 是認 of a new 選挙（人）の system.
Most other euro zone 社債 産する／生じるs also 辛勝する／優位d lower on Friday after U.S. 大統領 Donald Trump 任命するd 連邦の Reserve 知事 Jerome Powell, seen as marginally more dovish than other 候補者s, the new 長，率いる of the U.S. central bank.
The 産する／生じる on Germany's 10-year 政府 社債, the （判断の）基準 for the 地域, was a basis point lower at 0.36 パーセント.
非，不，無-farm payroll data from the U.S. 予定 later on Friday could 知らせる the pace of 未来 率 引き上げ（る）s, though most 分析家s now 推定する／予想する the 連邦の Reserve to 引き上げ（る） 率s for the third time this year in December.
For Reuters Live Markets blog on European and UK 株式市場s see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets
(報告（する）／憶測ing by Abhinav Ramnarayan; editing by Emelia Sithole-Matarise)
