Coronavirus infections in the world exceed one hundred thousand, while the stock markets collapse, and oil goes down. Only German and North American government bonds fly.
Piazza Affari closed down 3,5%, falling back to the levels of the political crisis in August, below the psychological threshold of 21 points (20.799). The spread between the ten-year Italian and German instead rises to 178 basis points (+2,47%), with the yield of the BTP at 1,05% and that of the Bund at -0,73% (after having reached a new historical low of -0,74% in the session).
The losses are similar on the other European markets, disheartened in the afternoon by the negative opening of Wall Street after yesterday's crash. Frankfurt loses 3,34%; Paris -4,14; Madrid -3,56%; London -3,57%; Zurich -4,05%.
In New York all price lists travel in reverse and it is not enough that the economy is still bubbly or at least it was until a few days ago, with unemployment fell in February to a 50-year low (3,5%) and 273 jobs created, against 175 expected. Even the 8,3 billion dollars put on the plate by Donald Trump today seem like a warm towel against an infection that continues to expand. To defend themselves, investors turn to bonds and the US 0,739-year bond reaches a new minimum yield of XNUMX%.
In an already turbulent climate, the collapse of oil weighs on the rumors according to which the OPEC summit underway in Vienna is ending in a stalemate due to Russia's opposition to the agreement to reduce daily production by 1,5 million barrels. Brent crude dropped 7,8% and dropped to 46,09 dollars a barrel. US crude loses 7,76% and slips to 42,28 dollars a barrel. Gold floats on the crest of the wave at 1665,460 dollars an ounce. On the foreign exchange market, the weakness of the dollar continues, against an expectation of further cuts in the cost of money by the Fed. The euro-greenback cross moves in favor of the single currency, currently at 1,1315.
In this context, Italy remains a weak link, both because the epidemic does not yet seem ready to reverse course in our country, despite efforts to ease social life, and because the economy was growing slowly and is now close to recession. Moody's writes it in black and white which, due to Covid-19, revises the 2020 world estimates downwards. The agency, which only a month ago estimated 2020% growth for Italy in 0,5, today forecasts a decline by the same percentage. And this in the case of a baseline scenario, with 'significant global problems'. If the problems worsen, turning into an 'extensive and significant slowdown', the figure could fall to -0,7%.
In Piazza Affari, the long list of big caps in red starts with Prysmian, -6,71%. So the oil companies give up: Eni -6,69%; Saipem -6%; Tenaris -5,75%. The utilities yield to the general trend: Snam -5,26%; Terna -5,79%. Among the ten worst stocks Atlantia -5,37% and Telecom -5,74%. Bad banks: Ubi -5,31%. Still down Azimuth -5,08%.
I accounts better than expected make the Post Office fly, +3,08%. Purchases also on Finecobank +1,15%; Ampliphone +0,93%; Nexi +0,91%. Outside the main list, Fincantieri sinks -7,98%, overwhelmed by the problems related to travel on cruises in times of the coronavirus.
