Banks at peak again e Bags in deep red as of today's close in Europe and early trading hours a Wall Street, at the end of a terrible week, which began with the crisis of the Californian Silicon Valley Bank and continued with the earthquake in Credit Suisse (-8,18%, in Zurich). Technical reasons also contribute to volatility today: this third Friday of the month is in fact the so-called day of the three witches, on which index futures, index options and stock options expire at the same time.
After yesterday's rebound, Business Square it thus lost 1,64%, falling back to 25.494 basis points, in a list of blue chips that was almost entirely negative.
The weight of the banks is also felt a Madrid -1,91% and to follow a Paris -1,43% Frankfurt -1,33% Zurich -1,03% London -1% Amsterdam -0,64%.
Fears of contagion do not subside
In the USA and Europe, fears of contagion have not subsided in a vital sector, which on the one hand benefits from the monetary tightening of central banks, but on the other pays the price for the rise in interest rates, because many savers empty their accounts to invest in government bonds, while the bonds placed in the belly when rates were at zero have inevitably devalued. Remember that yesterday the ECB implemented the sixth consecutive rate hike. There move was 50 basis points, for a rate on main refinancing at 3,50% (the highest level since October 2007), that on deposits at 3%, and that on marginal loans at 3,75%. Next week the word will pass to the Fed.
In New York at the moment they are down all eleven banks who have decided to inject $30 billion of liquidity into the First Republic Bank (-25,45%) to avoid another bankruptcy (Radiocor writes that according to some analysts this move is insufficient). The bank has also suspended dividends and this is likely weighing on the stock.
Meanwhile SVB Financial Group filed for Chapter 11, bankruptcy relief for a supervised reorganization. The request was filed in a New York court and aims to "preserve value", specifying, in a note, that Svb Financial Group is no longer affiliated with Silicon Valley Bank.
In Europe, the new collapse of Credit Suisse could be linked, according to some operators, to the fact that a marriage with ubs (-0,66%) appears more unlikely by the hour. After the breath of fresh air, with liquidity of up to 50 billion francs made available yesterday by the Swiss central bank, pessimism has returned today and it is likely that over the weekend the Swiss will work on stewing a bank too big to digest in one bite.
Oil fails to rebound
In an unreassuring global climate, oil failed to rebound and fell again, despite a positive morning following reassurances from OPEC+ members that this week's price weakness was caused by financial factors and not by an imbalance between supply and demand. However, the market is not stabilising: Il Brent loses more than 2% and trades around 73 dollars a barrel; the same happens to Wti, down by a similar percentage with a current price of 66,87 dollars a barrel.
Among the raw materials shines the'gold: spot gold gains about 2%, 1959 dollars an ounce. On the foreign exchange market'EUR it appreciates fractionally again today against the dollar and trades in the 1,066 area.
It still goes down gas price in Amsterdam, down almost 5,11%, for a futures price of 42,075 euros per MWh. According to the Italian business minister Adolfo Urso, Italy can achieve independence from Russian gas as early as the end of this year.
Piazza Affari: Saipem is doing well, Webuild hopes for the bridge over the strait
Many blue chips fought for the black jersey today. In the end the unflattering trophy went to Iveco, -4,33%, well bought yesterday. The budget of the day is heavy for Telecom, -4,07%, in a sector sold in full hands throughout Europe.
The escape from managed savings does not stop either: Finecobank -4,6%; Banca Mediolanum -3,3%; General Bank -3,11%.
Banks have reduced losses slightly in the last half hour but are still at the bottom of the list: from Unicredit -3,59%, a Bper -2,78% a Understanding -2,45%. Outside the main basket it also retreats Ps -1,51%.
Among the blue chips it marks only one real upside Saipem +1,69%. They are saved stm +0,38% and A2a + 0,04%.
Among the minor stocks, the rally is confirmed Webuild, formerly Salini Impregilo, which is also gaining 7,4% today after the better-than-expected accounts and forecasts seen in recent days. The hope that the bridge over the Strait of Messina.
Stable spreads
The purchases continue to reward government bonds and the spread between the Italian and German ten-year period it remains stable at 184 basis points (+0,24%). THE rates down: at the close, the 10-year BTP is indicated at +3,93% and the Bund with the same duration at +2,09%.
