PRICE LISTS FOCUSED ON THE FEAR OF THE GREEK COLLAPSE
MILAN -3,1%, ALSO WALL STREET SUPPORTS THE EURO
In just one hour of trading, Wall Street lost half of last week's gains. Even so, the fear that runs on the electronic thread of the financial markets is measured while the risk of the default of Athens, or rather the sequel "Lehman Brothers 2", becomes more concrete. Moreover, to complicate matters, signals of tightening arrived in the morning from China and other countries of the Far East, to counter inflation. In the afternoon the situation got progressively worse almost everywhere. In Piazza Affari, the FtseMib index shows a loss of 3,17% to 14.086, Paris -2,73%, Frankfurt -2,48%. Overseas, the three main indices, Dow Jones, S&P500 and Nasdaq, are aligned on a decrease of 2%. On the government bond market, the ten-year BTP suffers with the yield rising by 8 basis points to 5,55%. The spread with the 380-year Bund widens to 363 points, from 1,361 on Friday. The euro slips to 1,380 (from XNUMX) against the dollar.
RECESSION IN THE AIR, OIL DOWNS
THE MAJOR EUROPEAN BANKS UNDER FIRE
As always happens in moments of greatest nervousness, in fact, the markets rediscover the qualities of the American currency as a safe haven asset: the strength of the greenback also affects the prices of gold which slipped from 1.820 dollars this morning to 1.784. Silver is back below $40. Meanwhile, WTI oil fell by 3% to 85,4 dollars a barrel on expectations of a slowdown in global demand. Brent has slipped to 109,44 (-2,5%), copper is also down by 3,1%. The decline in crude oil is reflected in oil: the European sector loses 4,2%, Eni is traded at 12,83 euros after detaching a dividend of 0,52 euros this morning. Adjusted for the detachment of the coupon, the downside is 1,92%. Sales also on Saipem -4,46% despite the signing of new contracts. A note from Crédit Agricole can help summarize the mood of the European financial markets: “Every benefit linked to the injection of liquidity by the central banks has been nullified by the unsatisfactory outcome of the Ecofin in Poland. The week is set to drag on with growing risk aversion until a needed dose of confidence comes from the Fed.
It was a difficult day for banking stocks, starting with those most exposed to systemic risk. The European Stoxx index for the sector improved from the lows reached in the morning (-1,2% against the previous -2,5%). The worst losses concern Société Générale -5,2% Bnp Paribas -5,4%, Barclays -6,7% and Deutsche Bank -4,9%.
In Italy the most sacrificed is Banca Intesa - 4,11% followed by Mps -2,82%, Ubi is even, Banco Popolare gains +1,32%. Unicredit loses 1,32%. Among the financials, the largest drop is for Generali -3,57%. Finmeccanica also collapses - 8,63% in the wake of the crisis of confidence towards a part of the top management involved in the Tarantini affair. In recent days, the commercial director and another manager of Finmeccanica have resigned.
