Starting the week very heavy in Business Square. Under the pressure of the banks, the growth of the debt burden and the oil slump, the index Ftse Eb it plummets to -2,1%, below 19 points (18.925) again at the levels of last December 19th.
The other squares of the Old Continent are also in red: Paris down 1%, Frankfurt -0,8%. Reductions below 1% also for London e Madrid. In Europe, sales particularly affected oil stocks (Stoxx in the sector -1,3%), raw materials (-1,2%) and insurance (-1,1%).
The financial markets thus react to the decision of Donald Trump to block entry into the United States to citizens of seven Muslim-majority countries. The decision was criticized by many governments, local American authorities and even some large companies, such as Alphabet.
The decline in BTP quotations continues: the 2,34-year yield has risen to a maximum of 2,22% (from 185% on Friday evening). The spread with the Bund widened to 2014 basis points, at the levels of November XNUMX.
Yields on securities offered at auction also rose sharply (6,75 billion in all). The Tesoro has placed 2,75 billion euros of BTP five-year bonds at 0,92% (against the previous 0,54%) and 4 billion BTPs over 10 years at 2,37%, up 60 basis points compared to the previous placement. Finally, 2,250 billion euros were allocated in CCTeu February 2024 at 0,73%, up by 16 basis points.
Petroleum slightly down: Brent fell to 55,3 dollars a barrel (-0,3%). Oil down. Eni -1,56% (after an initial 5% drop caused by an order entry error). Saipem -2,8% Tenaris -2,8%.
Still down, under pressure from rising borrowing costs, utilities: Enel -1,4% Snam -2,3%. Telecom Italy drops by 1,8%.
Sales on banks are raging in Piazza Affari (index of the sector -3%). The most affected is Unicredit (-4,62%). The BoD is meeting today to examine the accounts and Wednesday to determine the price of the recapitalisation, which should have a 30-40% discount on the Terp (theoretical share price after detachment of rights). From the registration document filed today with Consob by the bank it emerges that at the end of 2016 the accounts are not in line with the European directives: at risk, now, coupons and dividends. The 13 billion capital increase should start next week.
Ubi loses 5%, Bpm bank -1,4% Pop.Emilia -2,8%. No news over the weekend on the front of Intesa's possible offer on Generali. Intesa drops by 2,4%, Generali loses 2,4%, Mediobanca -1,9%. They also fall Unipol (-3,7%) And UnipolSai (-2,7%).
There are no plus signs in the main basket. The rise of has stopped StM (-0,3%), which gained more than 15% last week. Fiat Chrysler -2,4% Leonardo -2,7%. Finally, sales also on luxury stocks: Ferragamo -2,5% Yoox -3,4%.
