Stock market: another black day for Piazza Affari (-2,8%), the spread widens, gold at a record

Both in Europe and in the USA, the purchases of safe-haven assets are accelerating: gold marks a new all-time high at 1.628 dollars an ounce, silver goes over 41 dollars, the highest since the beginning of May. Meanwhile, the Swiss franc moves to record levels against the dollar (0,8) and the euro (1,156). This is the script that dominates the financial markets, in yet another negative day, especially for the Milan Stock Exchange which is spreading its losses, held back by the banks.
The Ftse Mib index is the worst in Europe and drops by 2,81%, the Ftse / Mib plummets to 18.494 points. Massive reductions also for London -1,14%, Paris -1.4% and Frankfurt -1,25%. Italy has thus returned to being the subject of sales, both on equities and on bonds. The pressure built in the afternoon after the negative start on Wall Street. The unanimous outcry of the House Finance Commission fits into this framework, asking the Italian government to move within Europe to denounce the rating agencies, guilty of "rigging", to the ESMA (European securities market authority).
Meanwhile, while waiting for the government "to take action for the creation of a public and independent credit rating agency", target shooting continues on the markets, favored by the political framework of our country. The yield on ten-year BTPs rose by 12 basis points to 5,7%, the spread with the German Bund widened again to 306 from 288 at yesterday evening's close. It had jumped to 315 basis points in the morning. To complicate things, at least for the industry most sensitive to export dynamics (the only outlet, given the weakness of domestic demand) is the robustness of the euro at 1,447 against the dollar, on the highs since the beginning of the month: the increase is almost 5% over two weeks.