However, just take note that S&P will deliver their latest review on Italy’s sovereign rating later – likely after the close – and that could be a concern for the yields spread. Italy’s current rating is ‘BBB’, which is just two notches above junk rating, with a negative outlook to boot. The ECB may have taken steps earlier in the week to assure investors that junk bonds will still be accepted as collateral, but the reality of Italy gaining junk status may still potentially upset investors. So, that will be something to watch out for later today.