After the half hour of panic triggered by the heavy drop in banks around noon, Piazza Affari failed in the recovery operation: the day ended, therefore, with the Ftse/Mib index at 19.154 (-1,61%) . While the hunt for the culprits of the speculative ambush that hit bank stocks is already raging in the wake of the rumor (soon to be denied) that S&P's was preparing to downgrade Italian banks over the weekend. In the storm that unleashed on bank stocks in Piazza Affari this morning, an important role to the advantage of speculation was played by the stop-loss mechanisms, which provide for the entry of automatic sale orders of the stocks when the shares fall below a certain price threshold. This explains the downward spiral of a Blue Chip of the caliber of Unicredit, which slipped by almost 10% in the space of a few minutes, dragging Intesa Sanpaolo itself with it, despite the collection of 360 million just recorded with the sale of the shares Prada. Hence the light turned on by Consob on any anomalies in the morning. Certainly, "Black Friday" helps to strengthen the party of those who would like to reintroduce the ban on short selling, a proposal against which Assosim is fighting. President Michele Calzolari says: “It has not been demonstrated that such a ban reduces the probability of a crash.
On the contrary, the precedent of 2008 demonstrates the ineffectiveness of a measure of this kind in preventing marked reductions in prices”. An observation all the more true when one considers that, unlike what happened in 2008, the systemic storm is not equally affecting European price lists, but is raging only over the skies of the Bel Paese and, to a lesser extent, over Spain. Yesterday afternoon, after an attempt at correction following the denials of the London rumors, Italian banks continued to be overwhelmed by the sales, in particular Unicredit, down by 5,4%, and Intesa Sanpaolo (-4,8%), both after more suspensions for excess reduction. Seeing prices fall without plausible explanations, there were moments of fibrillation in the market.
On the contrary, the London Stock Exchange (+0,41%) sails in positive territory, while those of Paris (-0,08%), Frankfurt (-0,39%) and above all Madrid (-1,31%) follow on Piazza Affari %). In terms of European sector indices, car stocks are running (Stoxx +2,2%), banks are down (-1,4%), above all due to the negative contribution of Italian banks, which have lived without no exceptions, a true day of passion from MontePaschi (-3%) to Popolare di Milano (-2,8%) which on Saturday is about to celebrate a turbulent assembly.
The industrial sector was partially saved from the storm: Fiat however recorded a negative value (-1%, Industrial -0,9%) while Pirelli rose by 2%. The session offered reasons for satisfaction for Diego Della Valle: Tod's scored a rise of 2,93% on the wave of good news about Prada in Hong Kong. Good news also for Luca di Montezemolo: Poltrona Frau (+0,34%) celebrates the opening of the São Paulo showroom in Brazil with a price increase Day on the altars also for Prysmian (+1,06%) supported by the overweight Morgan Stanley and for Stm (+0,93%) rebounded after a series of negative sessions.
