THE RECESSION BREAKS INTO THE BUSINESS PLACE
BANKS, FIAT AND ENEL UNDER FIRE
Italy returns to recession and sales are unleashed. In Milan, after a day of passion, the Ftse Mib index closed at -2,7% at 19.509 bp.
The deterioration of the stock also weighs on the financial markets situation on the border between Russia and Ukraine, in addition to the first effects of the crisis on the German economy: -3,2% new orders.
The Paris Stock Exchange falls by 0,61%, Frankfurt -0,65% London drops by 0,69%, same change for Madrid.
Debt Markets Weather the Storm Better Than Equities: the spread widens above 170, the 2,812-year yield rose to XNUMX%.
After a weak start, the American Stock Exchange it recovered by zeroing the losses and turning positive. The S&P500 index is tied, Dow Jones +0,3%, Nasdaq +0,4%. Recovery is led by oil stocks such as Exxon +0,9% and Chevron +0,9% benefiting from the oil rally. In Milan Eni +0,8%.
Piazza Affari experienced a real day of passion, above all after Istat communicated the more negative than expected data (-0,2%) of the GDP for the second quarter. At the end of the day, banks and insurance companies are among the most affected securities. Among the banks, Unicredit lost 3,7%, Intesa -3,2%, MontePaschi -5,9%. Very heavy budget for Popular Milan -8,2%, Popular Emilia -6,6%, Ubi -5,3%. Also declining General -1,8%, UnipolSai fell by 4,2%.
Several blue-chip companies are reporting declines of more than 4%. Fiat's losses are heavy , which, after several suspensions due to excessive downtrend, recorded a fall of 5,5% to 6,465 euros at the end of the session.
Atlantia falls -3,3% after the downgrade of Bank of America which cut the recommendation to Neutral from Buy. Finmeccanica fell by 2,4%, StM -1,4%.
The exception is Pirelli, which closed positive (+1,3%) after the good results of the second quarter.
It continued the descent of Telecom Italia -2,6%: the results announced this morning are in line with expectations. Enel also falls -3,5%.
