Il Black Friday April 4, 2025 marks a new, dramatic decline for Piazza Affari and for European stock markets, with the main Milan index losing more than 7,5%, slipping below 35 points, weighed down by double-digit declines in the banking sector. The storm of tariffs is overwhelming global markets, while the shadow of a global recession is becoming increasingly fearsome. In an already tense climate, Donald Trump's statements are only fueling uncertainty, sending investors' confidence into a tailspin.
The Milan Stock Exchange has experienced more nightmare days over the years, but today's collapse is among the most critical moments. Let's retrace the "black" days of Piazza Affari, trying to understand what is behind these events that have shaken the markets and left their mark on the collective memory of investors.
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Black Monday (October 19, 1987)
Il 19 October 1987, il Black monday shook world markets. A Wall Street, the Dow Jones fell by 22,6%, but also Business Square she was not spared, losing 6,4%. That day marked the peak of a crisis triggered by a speculative bubble, triggered by a series of factors such as the use of computerized trading programs, an overvaluation of securities and the widespread fear of investors. In a few days, international markets such as Hong Kong lost up to 45% of their value, and what seemed like a normal trading day turned into a wake-up call for the fragility of the global financial system.
Attack on the Twin Towers (September 11, 2001)
Another collapse that deeply affected Piazza Affari was that of11 September 2001, day of the attacks on the Twin Towers of New York and to Pentagon. That tragic day was also reflected in the financial markets, with Business Square and closed with a decline of 7,79%. Although this was not the worst decline ever recorded, the emotional and economic impact of the attacks and its repercussions on the financial markets were devastating. Three days later, on September 14, 2001, the Ftse Mib lost another 6,68%.
Lehman Brothers (6 October 2008)
Another tragic episode in the history of Piazza Affari dates back to October 6, 2008, just over three weeks after the bankruptcy of Lehman Brothers. The Ftse Mib lost 8,24%, while the entire world was trying to come to terms with the consequences of what would be the most serious financial crisis since the post-war period. The failure of Lehman Brothers had shaken the foundations of the global financial system, starting a period of economic and political uncertainty that would have devastating effects for years to come.
The following days were no less dramatic. The October 10, 2008, the Ftse Mib marked another heavy fall of 7,14%, and the October 16, 2008 a -6,78% was recorded, marking a period of strong instability for Italy and the rest of the world.
The Italian sovereign debt crisis (November 1, 2011)
La sovereign debt crisis Italian was another painful chapter for Piazza Affari. The 1 November 2011, the main price list recorded a discount of 6,8% due to the growing concern over the Italian economic situation and the crisis that had brought several European countries to their knees. The crisis reached its peak a few days later, when the spread between Italian and German government bonds reached a historic high of 575 basis points, forcing Prime Minister Silvio Berlusconi to resign. This event is only the epilogue of a difficult period, which had already seen, for example, the August 10 2011 un 6,65% decrease, following a spread that rose to 500 basis points.
Brexit: the referendum panic (June 24, 2016)
Il June 24, 2016 another of the most critical moments for the Milan Stock Exchangea collapse of 12,48%The main cause of this fall was the outcome of the Brexit referendum, in which the United Kingdom decided to leave the European Union. The Leave victory triggered panic selling on global financial markets, with Piazza Affari seeing its banking stocks suffer huge losses, dragging down the entire list. That session, which saw the Ftse Mib fall to 15.723 points, recorded a loss that seemed unattainable, but which was soon overtaken by the collapse caused by the pandemic.
Coronavirus: the all-time record of March 12, 2020
La Covid-19 pandemic has had a devastating impact on global financial markets, and Piazza Affari has been no exception. The March 12, 2020 will go down in history as worst session ever for the Ftse Mib, with a decline that has t16,92% hit. This unprecedented decline has even surpassed the collapse caused by Brexit or the bankruptcy of Lehman Brothers. In just three weeks, the main list of the Milan Stock Exchange, which on February 17, 2020 was above 25 points, has fallen below 15. This collapse has been fueled by the growing panic linked to the spread of the virus and by global economic uncertainties, amplified by the oil price collapse and the global financial crisis.
Il March 9, 2020, the Ftse Mib had already marked a significant loss of -11,7%, but what happened on 12 March It was even more dramatic, with a fall that made previous declines seem like nothing more than a foretaste.
Ukraine-Russia Escalation: March 4, 2022
Another Black Friday for the stock markets, the 4 March 2022, when Milan lost 6,2% and burned 36 billion of euros in a single day. This collapse was mainly caused by the escalation of the conflict between Russia and Ukraine, which had started on February 24, when Piazza Affari dropped 4,1% to 24.890 points, below the psychological threshold of 25 points and returning to the values of July 2020. To make matters worse, theattack on a Ukrainian nuclear power plant, which further increased geopolitical concerns and inflamed investor fears.
Other significant collapses
In addition to the events mentioned above, Piazza Affari experienced other negative sessions that marked its history:
- 27 April 1998: the Ftse Mib lost 5,98%, burning over 2.000 points in a single session.
- 17 and 21 September 1998: decrease of 5,96% and 5,75% respectively.
- March 30, 2009: another critical period during the global economic crisis, when the Italian stock exchange closed with a 6,57% drop, influenced by the difficulties of the automotive sector and by the statements of the then President of the United States, Barack Obama.
- March 13, 2023Milan fell 4,03% to close at 26.184 points, amid global uncertainty over the collapse of Silicon Valley Bank, which triggered capital flight and fueled concerns about global financial stability.
