After a weak start, European stock exchanges extended their losses during the morning. Halfway through the session Business Square leaves 2,4% on the field and, with all the titles in red, wins the black jersey among the main lists of the continent. In the same minutes, Frankfurt yields 2,2%, while Paris e London they slip by 1,9 and 1,6% respectively. There are three factors of uncertainty at an international level: the June 23 referendum on Brexit, the decision on rates coming next week from the Federal Reserve and the Spanish elections on June 26.
Banks are once again among the worst stocks on the Ftse Mib. Sales are especially striking bpm (-5,9%), Ubi (-5,6%) Bper (-5,2%) And Ps (-4,7%). Bad too Banco Popolare (-4,5%), betrothed to the popular Milanese, on the fifth day of the capital increase.
They don't even save themselves Understanding (-3%) And Unicredit (-4,2%). The latter, in particular, is affected by the long lead times for the appointment of the new CEO. The president Giuseppe Vita, in an interview with Il Sole 24 Ore, declared that the choice could arrive by the end of July. According to press rumors, Prime Minister Matteo Renzi is lobbying for Fabio Gallia, CEO of the CDP.
“The length of time required for the rotation of the top management of the bank – write the ICBPI analysts – represents a further sign of lack of harmony between the various shareholders and slowness of the decision-making process”. Mediobanca Securities analysts also underline that the period indicated for the choice of the new CEO is long and "will probably expose the stock to further pressure".
Meanwhile, the Bank of Italy made it known this morning that in April non-performing loans of institutions in our country have risen to 198,3 billion euros (they were 196,9 at the end of March), of which 140 billion represent loans to businesses, while 37,4 billion concern loans to consumer households and 15,9 billion VAT.
Among the insurance securities, Unipol (-4,4%) And Generali (-3,2%). Sales also on Leonardo (-3,7%), fca (-1,9%) and Telecom Italy (-3,2%).
While the equity markets worsen, the purchases that reward safe haven assets such as government bonds, especially German ones. The Waist ten-year bond this morning reached new all-time lows, while the Italian Treasury placed €12 billion 6,5-month bond at auction euros with a still negative yield (-0,122%), but with a fractional increase compared to the analogous auction in May (+ 2 basis points). Demand reached 9,373 billion and the coverage ratio stood at 1,44, down on the 1,72 of the previous auction.
As for raw materials, the price of the Petroleum: Brent fell to 51,09 dollars a barrel (-1,7%), while Wti returned below the 50 level, to 49,65 dollars (-1,8%).
On the currency front, the dollar, pushing theeuro below the 1,13 threshold, at 1,1297.
