Another black day for the banks, in the midst of a violent sell-off accentuated yesterday morning by German Commerzbank warning -9% which revised downwards all the targets for 2016.
In Milan the index Ftse Mib closed with a drop of 2,76%, dragged by the descent of the sector. The loss of Madrid -2,77% is almost identical. Better, so to speak, Frankfurt and Paris, both -1,8%, London down by 0,7%.
The balance sheet for our domestic banks is very heavy, starting from Monte dei Paschi which left 16,10% on the ground to 0,25 euro: the capitalization has fallen back to 760 million to the levels prior to the launch of the Atlante plan: the markets do not believe that the institute will be able to raise the money necessary for the capital increase. Meanwhile, the resistance of the pension funds to support the purchases of NPLs is growing.
Bper -12,3%, Banco Popolare (-10,2%) and Bpm (-10,1%) also fell sharply. Unicredit, on the eve of the board of directors, falls by another -7,1%. Understanding is also bad -3,8% notwithstanding half year accounts better than expected. The institute aims to reach the target of dividends of 4 billion euros.
High-risk situation also on the other lists: Deutsche Bank -4,8% and Credit Suisse -4,6% were removed from the Stoxx Europe 50. Among the worst stocks we have Banco Santander which loses 5,3%, BNP Paribas - 4,3%, BBVA -4,8%, Société Générale -3,1%.
Campari's star shines amidst many discounts, the best stock on the main list, with an increase of 4,65% in the wake of the results, which showed robust organic growth that exceeded expectations. Ferrari also rises +2,52% on the day of the accounts, the only positive performance of the Agnelli team: Exor and Cnh down by an abundant 4%.
FCA also down -4,3%: after the data on registrations in Italy yesterday which showed a slowdown in July, the US market is also slowing down (+0,4% in July).
The car crash, with lower-than-expected sales, affected the entire Detroit industry. General Motors loses 3,2% after announcing a decline in registrations of 1,9% (analysts estimated -1%). Ford drops 2,9%: sales have suffered a decline of 3%.
The US stock market thus moves downwards despite the rebound in oil. The S&P500 index falls by 0,5%, Nasdaq -0,6%, Dow Jones -0,4%.
WTI oil, already slipped below $40, climbs 1,1% to $40,5, Brent at 42,7 dollars (+1,4%). Sector stocks recovered: Exxon +0,8%, Chevron +0,5%. In Milan Eni -1,2%, Saipem -2,2%, Tenaris -0,6%.
