Don't panic but a lot of volatility. As after the election of Donald Trump in the US, in the aftermath of the crushing victory of the NO in the referendum on the constitutional reform on the markets the dreaded massacre does not take place even if Piazza Affari appears to be looking for a precise direction. There Milan Stock Exchange it started the session down by 2% (a significant loss, but not as dramatic as feared), then recovered and even turned positive (+1,3%). Volatility remains high and by mid-morning the Ftse Mib seems about to retrace again, but for now the risk of panic selling has been averted.
The other main European price lists were also positive: Frankfurt + 1,9% Paris +1,5% and London + 0,8%.
Lo spread BTp-Bund, travels very slightly up, to 163 basis points, still on the lows of the last three weeks after the surge to 186 basis points at the end of November. On this front he helps the intervention of the ECB, which had already announced extraordinary purchases of Italian government bonds in case of tension after the referendum.
On the other hand, the situation was more tense on the currency market. In the night the euro it dropped to 1,05 dollars, the lowest level since January 2003, but then recovered and at the opening of the session it stood at 1,0588, almost close to the lows of the last 20 months. In any case, it is a sharp drop compared to Friday's values, when the single currency closed against the dollar at 1,668. The euro also fell against the yen and settled at 120,38 from last Friday's 121,44.
As for the individual securities of the Ftse Mib, the special supervised parties are naturally the bankers. Ps e Unicredit, both grappling with maxi capital increases, at the opening they were unable to make a price, with theoretical drops of 10% and 7%, but were then admitted to trading and recovered: Montepaschi + 0,62% Unicredit -0,86%.
Intesa Sanpaolo went from -2% to +1,22%, while the shares of bpm e Banco Popolare, which had lost more than 4% at the start, are now down by 0,67% and 0,45% respectively.
The titles of Saipem (+ 4,43%), fca (+ 3,4%), Leonardo Finmeccanica (+ 3,31%) and Bper (+ 3,09%).
