The stock market landslide continues e Piazza Affari collapses. The main index leaves more than 2% on the ground, causing the loss in value of the list to rise to over 50 billion after the words of Christine Lagarde during the unfortunate trip of the ECB to Amsterdam.
The yield of the 4-year BTP is close to XNUMX%
To feed the abyss is the ruinous descent of the Btp. The yield on the Italian 3,88-year bond (inversely proportional to the price) rises to 2014%, the highest since XNUMX with a widening of the spread compared to the German Bund (traded at 1,55%) at 232 basis points, a level not seen since 2020. And the situation gets worse if you look overseas: the XNUMX-year US T Bond just a few hours after the opening of Wall Street, it traded at 3,23%, confirming that the markets take for granted an increase in US rates by half a point, perhaps even by 0,75%.
Banks and financial institutions in the crosshairs
The pressure on Italian securities, the traditional battlefield between hawks and doves of the European Union, is unloaded on bank quotes of our house, starting from Intesa Sanpaolo -4,2% around 1,75 euros, more than ever considered the system bank, for better or for worse. They hold better, with losses around 2%, Unicredit, Bper and Banco Bpm. Also in red Poste Italiane -2,75% the title most dependent on the BTPs in the portfolio as well as Generali -2,07%.
ECB without strategy
Beyond the immediate impact on prices, it weighs on the assessment of the markets the absence of an "anti-fragmentation" strategy at the ECB, despite the appeals of the past few weeks (also via the Financial Times). Frankfurt lets filter to have under study tools to stem the widening of spreads between government bonds.
But these are interventions that risk ending up on the agenda of the next EU political appointments, with the prospect of having to wait weeks under the barrage of speculation that has now acknowledged that Mario Draghi's whatever it takes season is over . In this frame the next issue of BTP Italy, on offer from Monday 20, could prove to be a good opportunity. “We are certainly moving forward and we already have very positive feedback especially from the retail market”. This was stated by the debt management manager of the MEF Davide Jacovoni.
Highlights of the day
In the meantime:
- All price lists go back of the Old Continent. The Stoxx 600 index is at its lowest since March 8.
- Paris and Frankfurt are in line with Milan -2,2%. Amsterdam does worse -2,9% weighed down by the negative indications coming from the Nasdaq. In Piazza Affari Stm leaves 4,5% on the ground.
- Only three blue chips are positive out of 40: Diasorin, Recordati and Campari.
- Bitcoin is in sharp decline -12% to $24.000, a price not seen since December 2020.
