The winds of war blowing over Syria are shaking the markets. By extension:
a) The crude it touches 109 dollars a barrel: the concern is that the crisis in Damascus could endanger production in the Middle Eastern region where more than a third of world production of black gold is concentrated.
b) It strengthens the Swiss franc, which rose against the euro to 1,229, from 1,2341 at the previous close. It takes altitude too their, rebounded to 1417 dollars also thanks to robust purchases by Chinese private individuals.
c) Oddly enough, the race for safe havens it does not involve the dollar, down against the euro which rises to 1,339, from 1,336 on the previous day. The explanation, according to the Financial Times, is linked to Emerging Countries, fleeing the US currency (see the Brazilian auctions) to support local currencies.
d) The star of the gods shines again German Bunds, whose yield falls to 1,84% (yesterday 1,92%). Consequently, the gap between securities in the Mediterranean area and those in central Europe is widening.
The consequences on Bags, as is obvious, they did not wait. In Milan, the Ftse/Mib index fell by 2,34% to 16,579. Madrid is doing worse, -2,72%. London -0,69%, Paris -2,38% and Frankfurt -2,28% also fell.
Lo spread, also due to the recovery of the Bund, rises to 260. The 4,45-year BTP yields XNUMX%.
The Treasury placed this morning 2,983 billion Ctz at 1,871% against 1,857% at the end of July auction. 736 million of the September 2018 Btpei and 265 million of the September 2026 Btpei were also assigned at yields of 2,30% and 3,30%.
Also this morning the gap between Italian and Spanish 6-year bonds narrowed to 2012 basis points, as it hadn't been seen since the beginning of March XNUMX.
On Wall Street, the S&P index fell by 0,88%, the Dow Jones fell by 0,65%, the Nasdaq -1,21% .
Only three blue chips close in positive ground: Rest + 0,68% Parmalat +0,08% and Prysmian +0,46%. Otherwise, only massive losses are recorded. The hemorrhage of the most capitalized Italian banks was heavy. Unicredit loses 4,17%, Understanding -4,37%. It also goes down Ubi-3,42%, initially up after announcing better-than-expected quarterly results. Bper -2,65% bpm -2,20%. MontePaschi falls by 0,86%.
Among the insurance Generali drops by 2,7%, Fondiaria-Sai -1,23%. Eni loses 0,23% despite the rise in oil prices. Saipem -0,49%, a sharp decline Tenaris -2,32%. Utilities go down: A2A -3,65%. Enel loses 3,43%. Industrialists are also down: Fiat -3,67% Finmeccanica -2,31% stm -3,04%. Finally, the winds of war are not good for luxury: Ferragamo -1,77% Tod’s -3,06%.
