The Bear's paw, after the Nasdaq, has also grabbed the European lists heading towards a week end in the red. Indeed, after the downward closing of the US markets, the European Stock Exchanges, including Piazza Affari, all recorded a negative balance, with an average loss of more than 1,5%, which worsened in the early afternoon. In Milan, the technological (Prysmian -3,45%, Stm -2,81%) and oil companies (Tenaris -2,97%) lose ground. It deserves a special note Stellantis, down about 3% after Donfeng's step back. The Chinese company, which at the time came to support Peugeot, is continuing its plan to disengage from the holding: 1,28% of the capital was sold this morning at 18,30 euros, with a sharp discount on yesterday's prices (18,70. 2,8 euros). And the operation is reflected in the prices of Exor - XNUMX% and of Ferrari. However, there are numerous signs of a slowdown which confirm the impression of a loss of momentum in the shares, after a golden year for the stock markets. In particular:
- The performance of some stocks that are already darlings of the rise weighs on the markets. In New York will air the Netflix collapsex, anticipated tonight by the accounts announced with the stock exchange closed. The streaming giant plunged up to -20% after announcing a slowdown in new subscribers (only 2,5 million in the current quarter) and an increase in costs to guarantee the quality of programs.
- In Europe, however, the collapse of Siemens Gamesa down 15% in Madrid. The company active in the renewable energy sector has warned that the supply problems will last longer than expected a few months ago, which will lead to an increase in the production costs of the turbines confirming that the road to sustainable energy is less easier than expected.
- The yields of bonds, although down from the highs of Bonds and Bunds reached in recent days, they reflect the prospect of an imminent increase in the cost of money pending the meeting of the Fed's monetary committee. In Italy, the yield on the 1,342-year BTP is down to 133% while the Btp/Bund spread at 132,92 points (1,790), in the USA the Treasury is currently at XNUMX%.
- The end of the cash season at or near zero coincided with the sharp decline in technology stocks, both in the US and in Europe.
- The prospect of a possible Russia's attack on Ukraine it weighs on the performance of raw materials, which fell this morning, and on the economic situation. This is how oil stocks suffer.
- Added to this is Moscow's decision to ban both the use and mining of cryptocurrencies. The diktat of Putin, according to Bloomberg, it canceled about 150 billion dollars of value in one fell swoop, causing prices to fall to around 38 thousand dollars, throwing part of the speculation into panic.
The general feeling is that the world is gearing up for the post-pandemic. The season of support for the economy and income (accomplice to the clamorous withdrawal from the labor market of millions of poorly paid workers, both in the US and in Europe) is drawing to a close. As a reflection, the money condemned to cost more (also to bring debts and inflation under control) is directed towards value sectors, more profitable, to the detriment of technology, at least the one that does not produce profits. A change of direction with a billion-dollar dimension that promises a phase of great instability on the markets destined to last at least a few months.
