@吴家琦:It seems like Lagarde message yesterday produced some effects. The ECB emergency meeting led to 2 decisions: 1) ECB triggered flexible PEPP reinvestments; 2) ECB internal committees were tasked with accelerating the completion” of a new anti-fragmentation tool.The Italy 10-year spread vs. Bund dropped by 25bps as a consequence. Source: HolgerZ, Bloomberg