European lists are suffering, after the bad session in Asia. But the wait for the afternoon meeting of the EU commissioners, which will sanction the obvious no to the Italian maneuver, is taking the bank. Never before has Brussels reached the point of rejecting a budget law. The euro was also weak at 1,146.
In the meantime, Milan reduces its morning losses: -0,33% to 18.850 points. The 3,45-year BTP trades at a yield of 3,53%, down from the initial 300%. The spread fluctuates around 2,6, XNUMX basis points less than the first prices.
Matteo Salvini says he is certain of the rejection. The number one of the euro area rescue fund Klaus Regling expressed his concern, adding that, however, one should not give in to panic given that the contagion towards other countries that share the single currency has so far been "very limited".
European equities are at a two-year low in the mid-session after a series of disappointing quarterly results, especially among techs. The Stoxx 600 marks a decline of around 1,6%, the lowest since December 2016, the fifth session in decline also in the wake of Asia and Wall Street. The heaviest losses concern Frankfurt -1,7% and Paris -1,3%. Down also London -0,7% and Madrid -0,5%.
The sector most in difficulty this morning is the tech one with a drop of 4,3%, dragged by the collapse of AMS (-17%) following an outlook that did not convince investors. In Piazza Affari the worst blue chip is stm, with a drop of 4,75%. The fund has lost more than 18% since its peak in June.
The German Bayer loses 7% after a US judge ruled against Monsanto in the case of a worker terminally ill with cancer.
Energy stocks fell in the wake of the drop in crude oil prices with Brent losing 1,7% to 78,48 dollars a barrel.
Sales especially on Saipem (-3,16%). Eni -0,9%.
The banking sector was weak -0,46%), even if it recovered part of its initial losses, in a volatile session. Unicredit -0,3%. Monte Paschi Bank -1%, is closing the sale of 2,4 billion of non-performing loans, there are at least four subjects in the tender, including Bank Ifis (+ 1%).
Bpm bank -2,1%: short sellers have chosen former Italian Popolari as the ideal target for sales.
It moves upwards Luxottica as well as parent company Essilor after the results. Profit took up instead Salvatore Ferragamo: -2,3% after yesterday's leap. Berenberg started hedging with a 'hold' and a target price of 17 euros, below current valuations. Weak too Moncler (-3,3%).
