banks e Poste Italiane in deep red on the wave of slowdown in government bonds. They keep the more defensive issues pending the decisions of the European Central Bank which will be communicated at 14.15 pm by Christine Lagarde. This is, in short, the hot reaction of Business Square resignation of Mario Draghi delivered this morning into the hands of President Segio Mattarella. Shortly after 11, the main index falls by 2,1%, below 21 points, the worst European stock exchange since the beginning of the year (-24%).
Lo spread, which jumped to 241 at the opening, travels just above 230 points, waiting to have clarifications on the anti-fragmentation mechanisms promised by Frankfurt. The yield of the BTP it jumps to 3,61%.
Down post offices, banks and insurance companies
To pay the highest price for uncertainty about the fate of public finances (and not only) are the Poste Italiane, the main debt safe of the Bel Paese, which falls back by a good 6%. But the banks are doing even worse, the other warehouse of Btp and surroundings (without any provision for risks).
The most affected title is Unicredit (-6,5%) ahead of Bpm bank e Intesa Sanpaolo, both down by 5,5%. Banco Bpm and Bper have the highest ratio of domestic securities to Tangible Book Value, while Intesa and Unicredit have a ratio of less than 1x (0.6x and 0.7x respectively). Overall, a spread widening of 100 basis points should have a negative impact on capital equal to -15 / -20 points.
Among the insurance companies, he loses shots Unipol (-3,50%), while defending himself Generali (-1,6%).
Telecom Italia is also bad
It ends up in the crosshairs of sellers too Telecom Italy (-6%), dropped to the lowest price of 21 cents. The umpteenth shake-up of the title is linked to the announcement that Pier Paolo di Stefano, a historic banker recently involved in important national agreements with the CDP, could soon leave his office. Di Stefano has allegedly agreed with the CEO of CDP to remain in the role for a few months, at least until the presentation of the binding offer for NetCo, which expires by the end of October. But behind the exit, the markets see the difficulties in continuing the negotiations, given the uncertain political framework and the real risk of delays on the roadmap.
Healthcare, Campari and Stm bucking the trend
Few titles in contrast. The health sector, led by Amplifon e Diasorin. It shines Campari (+1,63%), the defensive value par excellence.
Positive stm (+0,33%) following the agreement with Volkswagen to develop a new generation of chips for the car.
