Il Shanghai G20 did not reassure the European markets, which, after the recovery of the last few sessions, are starting the week with new declines. About an hour after opening, Milano travels in the red by 1,3%, worse than London (-0,7%), Frankfurt (-1,1%) And Paris (-0,9%).
In Piazza Affari, bank stocks suffer in particular: Monte Paschi Siena -3,7% Bank Pop Milan -2,7% Where's Banca -2,5% Intesa Sanpaolo -2% Unicredit -1,8% Banco Popolare -1,8% Mediobanca -2,1%. Btp-Bund Spread slightly up, to 135 basis points.
Insurance is also bad: Unipol -3,1% Generali -1,8%.
Enel dropped 1,2% after S&P downgraded the outlook for the electric giant's long-term debt rating from positive to stable. Eni it retreats 0,2% after the 2015 accounts released on Friday, the day on which the shares were rewarded.
Bucking Saipem (+3,03%), still in the wake of last week's positive accounts, but also the purchases of CEO Cao and President Colombo on the stock market and the arrival of a 3,2 billion bank loan to pay off the debt with Eni.
fca +1,2% after the recent declines and after the return of speculation on the M&A front, fueled by the statements of Carlos Tavares, CEO of PSA, last week. The start of production of the new Maserati SUV has also been announced. Finmeccanica + 0,8% Yoox Net-A-Porter .
Asian stock markets are also down. TO Tokyo the Nikkei index finished trading down by 1%, while the Stock Exchange of Shanghai it closed down 2,86%, at 2.687 points, returning to the levels of the end of 2014. The sell-off was mainly fueled by the weakness of the yuan.
La Central Bank of China, in fact, has fixed the exchange rate of the yuan at 6,5452 per 1 dollar, the lowest since February 3 last. The yuan is currently trading at 6,5480 to the dollar, up from 6,5372 at Friday's close.
Previously, however, the governor of the central institution, Zhou Xiaochuan, had reassured the stability of the yuan exchange rate and in a conference in Shanghai, on the occasion of the G-20 summit, had assured that China "will not use the devaluation to promote the competitiveness of exports".
Zhou also said that, considering China's fundamentals, there is no basis for continued depreciation of the yuan. The governor then reassured that the world's second largest economy remains fundamentally solid and that the central bank has room to support the economy, with an implicit reference to a possible rate cut.
Operators are also attentive to the Oil prices, which however remains close to the barrier of 33 dollars: the wtf, a contract expiring in April, dropped a fractional 0,1%, to 32,74 dollars a barrel. In live decline also the Brent, at $ 35,33.
On the foreign exchange front, the euro it is worth $1,0958 ($1,0933 on Friday) and 123,68 yen, while the dollar-yen stands at 112,86.
