PERFECT STORM ON EUROPEAN BANKS
TRADE PLACE DRIVES LOSSES, UP THE SPREAD
The perfect storm hits European banks.
Business Square, the stock exchange most exposed to the credit sector, ends up on its knees.
At the end of the day the Ftse Mib index -2,34% falls back to 20.775.
The spread is also under pressure, rebounding to 162 bp, the 2,84-year yield at XNUMX%.
More composed the reaction of other markets: London-1,04%, Frankfurt -1,14%, Paris -1,21%. Madrid -1,70%, slightly better than Milan.
Second consecutive day of declines on Wall Street pending quarterly results: the Dow Jones .DJI index loses 0,74%, the S&P 500 0,73% and the Nasdaq Composite loses 1,4%.
Intesa -4,1% and Unicredit -3,28% suffer in Piazza Affari. But MontePaschi -6%, Ubi -5,4%, Popolare Milano -6% are doing much worse.
In asset management Mediolanum down -1,7%, Azimut holds -1,2%.
What are the reasons for the banking slowdown?
The barrage of punishments that rain down from the US against institutions that have violated the embargo against rogue countries weighs heavily. After Bnp Paribas today it's up to Commerzbank -4,7%.
Luxembourg holding company Espirito Santo Financial plunges -8,8% controlled by the homonymous Portuguese family Espirito Santo which controls the Banco Espirito Santo -7% of Lisbon.
Third hotbed of crisis, the Austrian Erste Bank -3,5% on the third day of collapse and Raffeisen Bank -5%. In this case the root lies in the crisis of the Eastern European subsidiaries, in particular in Hungary and Romania.
The landslide also involves Generali -3%: between yesterday evening and this morning, CDP sold 1,9% of the capital at 15,70 euros to institutional investors.
Uniposai -2,7%.
Active until mid-session, utilities finish lower: Enel -1,4% leads Enel Green Power[ -1%, Terna -0,1%, Snam -0,2%.
Bear chair also for industry: Finmeccanica -3,5%, Fiat loses 1,4%, Cnh does worse -4%, StM goes down -2,5%.
Eni -1% and Saipem -4% fall. Mediaset -4,3%, despite the Buy of Deutsche Bank.
Among the blue chips not even Buzzi is saved -0,6%, although promoted to Buy by Kepler Cheuvreux. Moncler +0,3%, after Mittel canceled its stake.
