The spread breaks through 320 and Piazza Affari cries

New surge in the yield differential between Btp and Bund which sends bank stocks into a tailspin dragging the Ftse Mib sharply downwards - Stm also very bad, losing more than 10% - Saipem, Moncler, Luxottica and Italgas go against the trend - Wall Street opens badly .

The fall of Piazza Affari does not stop, which today loses 1,69% and falls to 18.485 points, divided between the rebound of Saipem +6,35% and the plunge of Stm -10,16%, in the light of the respective quarterly. The banks suffer above all, after the demotion of Moody's out of 12 institutes, due to the review of the rating on Italy and the bad news coming from the bond sector: the yield of the 10-year BTP rises to 3,61% e the spread with the ten-year Bund it breaks through the threshold of 320 points and stops at 322.10 (+2,42%). The government does not want to leave the euro, but he is not even intending to change course on the manoeuvre, despite the rejection by the European Commission and awaiting the judgment of S&P on Friday and the words of Mario Draghi tomorrow, while on the macro front the signs of an economic slowdown are strengthening with the PMI indices of the euro area for October below expectations (at 52,7 ,25, a minimum for 53,9 months, against an expected 1,14). The datum weighs particularly on the euro, which drops below XNUMX against the dollar.

The red of Milan fits into a weak European picture, after the afternoon push on Wall Street, down again. Frankfurt -0,73%; Paris -0,29%, Madrid -0,36%, London +0,12%, Zurich -0,27%.

New York stock markets, after an uncertain start, are in negative territory. The Dow got off to a good start, with Boeing's quarterly results largely beating estimates, but then changed course due to technology. The markets appear particularly nervous on a day in which there is a succession of news of various attacks in the USA (a sequence of parcel bombs intercepted at the homes of the Clinton and Obama families, as well as the 'CNN' studios in New York). Donald Trump's new attack on the Central Bank also weighs American and its president Jerome Powell, judged too hawkish by the tenant of the White House. Meanwhile, today the Central Bank of Canada raised interest rates by 0,25%, bringing them to 1,75%. The ECB is expected tomorrow, which will not touch rates, but its president Mario Draghi will perhaps say something about the Italian case.

In terms of raw materials, oil rebounds despite the data on US weekly inventories worse than expected: Brent +1,2%, 77,06 dollars a barrel. Gold was stable, around 1229 dollars an ounce. Queen of Piazza Affari today is Saipem, after the quarterly which confirmed the 2018 objectives. Moncler also takes its revenge, +2,29%, pending the accounts, thanks to the good intonation of fashion in Kering's wake (+4,79% in Paris), the French holding that controls Gucci: the Florentine brand has recorded an increase in turnover of 35% year on year, and there are no signs of slowing down.

Luxottica +0,8%, Atlantia +0,57%, Campari +0,47% performed well. In black jersey is instead Stmdespite growing results. The prudent guidance, especially in terms of gross margin, of the fourth quarter contributes to weigh on the title of the microchip manufacturer, together with the indications emerging from the quarterly of the American giant Texas Instruments. The sector is among the hardest hit by the trade war with China. Sales fell on Poste, -4,03% and Mediaset -3,56%. The traditional barometer of Piazza Affari, i.e. the banks, is also reporting storm. Among the worst Banco Bpm -4,76%; Ubi -4,14%; Unicredit -3,37%. Intesa San Paolo lost 3,43%, also following the news that talks with BlackRock for a strategic alliance in asset management are frozen due to the current instability of the markets which suggests great caution in investments in Italy. Outside the main list, Carige sinks, -6,12%, despite the rise at the start of the session after the board of directors approved the sale of Utp for 366 million euros to Bain Capital and confirmed the date of 30 November for the presentation of the Capital Conservation Plan, with the resolutions relating to the measures for compliance with the Total Capital Ratio which will be adopted by 12 November. The board has also chosen UBS as financial advisor "to explore the possibility of strategic alliances". The decline of Mps also continues, -5,58%.

On Aim, Bologna-based Bio-on rose by 4,1%, following the agreement with the TAIF JSC group, which will purchase a license, for the first plant in Russia for the production of PHAs bioplastic. The total value of the operation is 17,6 million. Since the beginning of the year, Bio-on stock has gained approximately 80%.