Ready, set, go: Piazza Affari is sinking. There was great anticipation for the first stock market session after the Italian general elections and right from the start it was understood that the fears were well founded. At the start, the Ftse Mib manages to lose more than four and a half points, dragging all the other European lists downwards: London -1,35, Frankfurt -2%, Paris -2,54%. Naturally, the result of the Italian vote weighs on the markets, which does not allow for any governance, lacking any possible majority in the Senate.
Naturally, the worst stocks on the Milanese list include bank stocks, as always linked by an inversely proportional relationship to the trend of the spread. At the bottom of the basket are the shares of Montepaschi (-8,45%), Intesa Sanpaolo (-8,19%), Mediolanum (-7,92%), Ubi (-7,76%), Unicredit (-6,31%), Mediobanca (-5,64%) And bpm (-5%).
In the same minutes the yield differential between 10-year BTPs and the equivalent German Bunds it travels well beyond the psychological threshold of 300 basis points, at 325, after having reached a peak at the start of trading at 355. The new width of the gap corresponds to interest rates on our ten-year terms equal to 4,74%. A six-month Bot auction is expected at the end of the morning today.
“Let's stop with this story of the spread, we have happily lived many years without it – he commented Silvio Berlusconi -. It's an invention of two years ago. Let's not always compare ourselves with Germany, it doesn't matter. I am absolutely not concerned about the reaction of the markets going their own way. They are independent and a little crazy”.
Meanwhile, the euro it weakens sharply against the dollar and trades at 1,3053. Yesterday, according to the ECB's survey, the community currency was worth 1,3304 greenbacks. The euro also fell sharply against the yen, at 119,47 (123,805 yesterday), considered a safe haven asset in moments of greater tension on the markets.
However, the first sign of financial concern for the Italian situation had come from Tokyo Stock Exchange, with the Nikkei index dropping 2,26% and the Topix closing down 1,42%.
The main basket of Milan stocks is all negative: the best performance is that of Impregile it (-0,1%), nailed to the 4 euro of the Salini takeover bid. As for the other main shares of Piazza Affari, Telecom Italy collapses by 6%, while Fiat it is in the red by almost four points, after yesterday Fitch downgraded Lingotto's long-term debt rating from BB to BB-.
Lower losses for Mediaset (-2,27%), which unexpectedly flew yesterday on the hypotheses of a clear victory of the centre-left, suggested by the exit polls, and deflated when the first projections indicated that the victory in the Senate could have gone to the coalition led by the reference shareholder Silvio Berlusconi. Generali drops by 6,6%. Finmeccanica plunges down 5%, Fiat Industrial -3,2% StM -3,7%. Enel falls by 5%, Eni loses 2,2%.
