MILAN -3,8% IS WORSE THAN MADRID. THE LANDSLIDE OF BANKS AND GENERALI CONTINUES
The assault on Italian and Spanish bonds gives no respite. The 10-year Btp/bund spread widens by 21 basis points to 517, one step away from the negative record in November at 550 basis points. The yield of the 10-year BTP goes up to 6,31%, a level not seen since 20 January. In Spain, the spread jumped by 23 basis points to 625 for a yield of 7,39%, a new all-time high.
The most worrying aspect concerns the shorter part of the yield curve. The two-year spread leapt forward by 40 basis points to 464 for a 2-year BTP yield of 4,57%. Meanwhile, Germany placed 2,7 billion 1-year bonds with a negative yield of 0,054%, demand was 6,3 billion.
THEeuro it is down sharply to 1,210 against the dollar from 1,215 at Friday's close. This is the lowest level in the last two years. Against the yen, the quotation is at its lowest level in the last 12 years. All these data serve to explain the war report of Piazza Affari.
In Milan the price list falls by 3,8% worse than Madrid -3,19%. London scores -1,67%, Paris -1,94%, Dax -1,55%. Banks collapse: MontePaschi -7,9% equal to Understanding, Unicredit -5,2%. In Piazza Affari, the fall of the financial markets offers no escape: Mediobanca drops by 5,2%, Generali falls by 3,3%. Mediolanum -4,9%.
Affected by the descent of oil, Eni drops by 2,1%, Saipem -2,8%. Heavy losses for utilities: Enel -3,8% Enel Green Power -4,2% A2A -5,1% Atlantia -3,1%.
The industrialists are not saved, Finmeccanica -3,3% Fiat -2%, and neither are luxury stocks suffering from China's slowdown: Ferragamo -3,6% cucinelli -2,1% sapphire -6,8%. The only positive blue chip is Lottomatica +0,2%, thanks to the confirmation of the "buy" by Nomura.
