Very black Monday: the Chinese collapse unleashes panic selling and sinks the stock markets. Milan ko: -5,9%

Piazza Affari lost 5,9% and was among the worst European stock exchanges: the collapse of the Chinese stock market which lost almost 10% triggered panic selling on all stock exchanges and sank stock exchanges all over the world – In Milan, a collapse like this had not been recorded since 2011 – Oil, luxury and cars under fire – The Btp-Bund spread flies.

BUSINESS PLACE -6%: ALL IN DEEP RED. LCHINA SHAKES EUROPE AND WALL STREET

The Apocalypse manifested itself in the afternoon, after the dramatic opening of Wall Street: the S&P 500 index opened at -5,2% at 1867,90, 12% below the May record. Even worse is the Dow Jones -6,5% with a deadweight loss of a thousand points. The landslide plunged European stock markets into panic: during the day the China syndrome caused the Ftse Mib index to fall by more than 7%, in line with Paris and Frankfurt.

In the end, the Ftse Mib index closed down 6%, the heaviest daily drop since November 2011. Frankfurt -5%, Paris -5,6%, Madrid -5,7%. Wall Street is down, but it has risen from the abyss. Around 17,35 Italian the Dow Jones loses 2,5%, halving the losses of the first trades, the S&P 500 index 2,77% after a drop of more than 4,5% and the Nasdaq 2,66 % recovering from the initial slide of six percentage points.

Volatility explodes. The Vix index (which measures the degree of fear on stock markets) shot above 50, to its highest level since January 2009, before falling back to 35%. Only the bankruptcy of Lehman Brothers in 2008 had raised the degree of "fear" of investors.

The euro appreciates against the dollar to 1,16 from 1,138 on Friday evening: the slowdown in China and the crumbling of emerging economies lead us to think that the Federal Reserve will not raise rates before 2016. Dizzying losses for crude oil: Brent -4,9% slips to 43 dollars, US oil trades even below 38 dollars (-6,2%).

Oil stocks are also suffering in Piazza Affari. The worst was Tenaris -9,4%. Eni closes down by 7,3%, Saipem -6,2%. No securities in the Ftse Mib basket have escaped the bear's grasp. Luxury companies are in sharp decline: Yoox -6,7% Luxottica -6,5% Ferragamo -6% at the end of a highly volatile session. Fiat Chrysler leaves 7,3% on the ground, STM -5%.

The banks are also bad: Unicredit -6,3% Understanding -6,1%. It gets worse MontePaschi -7%, better Pop. Milan -3%. The utilities have not been saved, Enel -6% Snam -5,5%. Atlantia -5%. Telecom Italy -5,3%.