Domestic Policy
Vannacci: Roberto Vannacci has left the League to pursue an independent path, ending a relationship long strained with Matteo Salvini and opening a new chapter for the centre-right. The split raises questions both about the electoral impact on the League, which risks losing part of its support, and about internal coalition dynamics. Vannacci has launched the new party “Futuro Nazionale,” focusing on sovereignist and protest themes against current policies. Salvini commented, saying he was “disappointed and embittered,” asserting the support he had given the general and criticising his decision not to relinquish his European Parliament seat.
Security: In the Chamber of Deputies, Interior Minister Matteo Piantedosi delivered a stern briefing on the Turin unrest, accusing some demonstrators and organisers of facilitating violent acts and warning of a climate reminiscent of dangerous past trends. The minister also criticised the presence of parliamentarians at the march, arguing it would provide a sense of impunity to troublemakers. The opposition rejected the accusations, denouncing political instrumentalisation of the events and refusing the government’s call for unity.
Foreign Policy
Ukraine Conflict: New massive Russian missile and drone strikes have hit Kyiv and other Ukrainian cities, causing severe damage to energy infrastructure and leaving hundreds of thousands without power and heating. The offensive comes as fragile peace negotiations continue in Abu Dhabi, which Zelensky says have been undermined by Russia’s violation of an ambiguously defined energy truce. In Kyiv, NATO Secretary General Mark Rutte reaffirmed Western support for Ukraine, though positions remain far apart from Moscow’s.
USA: US President Donald Trump, struggling in polls and following defeats in Texas, has renewed allegations of electoral fraud and urged Republicans to “nationalise” voting, clashing with the federal constitutional framework. Meanwhile, the Republican-controlled House has secured closed-door testimony from Bill and Hillary Clinton regarding the Epstein affair, following a fierce political standoff.
Economy and Finance
Government Bonds: The latest syndicated issuance of 15-year BTPs recorded record demand exceeding €157 billion against €14 billion placed, signalling strong investor interest in Italian debt. The bond, maturing in 2041 with a 3.95% coupon, was placed at a gross yield of 3.99%, on a day when the spread remained largely stable but yields rose on longer maturities. According to the Ministry of Economy and Finance (Mef), Italy will need to issue between €350 and €365 billion in medium- to long-term bonds in 2026, mostly to refinance existing maturities.
Big Tech: Elon Musk has announced the merger of SpaceX and xAI, creating a group valued at approximately $1.25 trillion that integrates space activities and artificial intelligence, potentially listing on the stock exchange in the future. The move aims to place AI at the core of projects ranging from satellites and rockets to solar-powered data centres in space.