GREEK CRISIS, MILAN PAYS THE HIGHEST BILL. INDUSTRY HOLDS, STM CLOSES WITH A PLUS SIGN
Piazza Affari pays more than all the mite to the Greek drama. The Ftse Mib index closed with a drop of 4,03% to 21.600, under the pressure of bank stocks, the most affected by the consequences of the no to the referendum. Things went better for the other eurozone price lists: Madrid lost 2,22%, Paris 2,01%. Frankfurt limits damages to 1,52%. Government bonds hold: the 2,39-year BTP closes at 162%, the spread between BTP/Bund rises 0,2 points. Limited damage to Wall Street: S&P and Nasdaq are currently down by around XNUMX%.
The resignation of Yannis Varoufakis allowed tension to ease in the morning. But over the course of the hours the situation has returned to heating up in anticipation of the new proposals from Alexis Tsipras scheduled for tomorrow. Meanwhile, Greek banks will be officially closed both tomorrow and Wednesday.
It will be up to the new minister Euclides Tsakatolos find an agreement and restore relations between Greece and its creditors, before Athens' time runs out. On 20 July, in fact, the 3,5 billion euro of bonds in the ECB's portfolio will expire and if Athens fails to meet the payment, the European Central Bank could hardly continue to provide emergency liquidity (Ela) to Greek banks, net of which the Greek system would go into default.
In this context, bank stocks were the sacrificial victims. Starting with Banca Monte Paschi -11,51% plunged to 1,538 euros. The securities of the Popular companies are also under pressure: Ubi Banca -6,55%. Banco Popolare -6.6% but also Unicredit -6,12% and Intesa -5,98%. The other values of the financial sector are also under fire. Down Unipol Sai -4,18% but also Cattolica -5,4% and Mediolanum -6,55%. Azimuth -5,55% also decreased.
It went better in the industrial sector. However, only Stm is advancing, +1,72%, thanks to the driving force of the semiconductor boom on international markets. Ansaldo Sts, supported by the forthcoming takeover bid, was also in positive territory almost to the end. Fiat Chrysler recovers -1%, after the good sales results of Jeep in the United Kingdom. In the red instead Finmeccanica -1,7% which today renegotiated a revolving credit of 2,2 billion.
Oil prices were also influenced by the European events: Brent lost 4,9% to 57,36 while WTI dropped by 4,25% to 53,15 dollars/barrel.
