Keep going down there GBP, which updated the two-year lows against the euro and 31 against the dollar. And the selling continues on the European stock exchanges, which failed in a brief redemption attempt this morning. Brexit-related volatility remains very high. Over the weekend, central bankers, finance ministers and the heads of the Monetary Fund remained in constant contact to guarantee the liquidity reserves necessary to prevent the crisis from degenerating into a recession.
Meanwhile, a survey of the institute IoD, the Association of British Business Leaders, conducted between Friday and Sunday on over a thousand members, indicated that a fifth of business leaders of UK companies plan to relocate part of their business and almost two thirds believe that the choice of a Brexit is bad for their business.
Meanwhile, in London David Cameron stalls on Brexit, but anger rises Scotland threatening veto power over decision.
In this scenario was added the weekend the outcome of the Spanish vote, which gives Rajoy the victory without a majority and does not resolve the issue of governance.
Il Ftse Eb dropped 2,27% to 15.366 points at the lows of February, Paris -1,66%, Frankfurt -1,79% and London -1,46%. This morning the market situation seemed more relaxed with Hong Kong which closed with a limited decline of 0,16%. Shanghai rose by 1,45%, Shenzhen + 2,43%.
Lo Btp Bund spread is up 163 basis points and yield at 1,53%. This morning the Treasury placed 692,925 million euros of BTPs indexed to euro area inflation maturing on 15 September 2032. The amount is in the high end of the expected range (500-750 million), against a request equal to to 1,054 billion. The gross yield was set at 1 percent.
On stock lists, sales overwhelm the banks, with strong volatility: Unicredit it went from +3% to -7,6% below the two euro level at its historic lows. The stock also paid for the negative judgments of several investment houses that cut the price target for the stock (Barclays lowered it to 2,50 euros, JP Morgan to 2,10, Citi to 2,40). They do even worse though Ps (-9,71%) And Mediobanca (-8,81%). Understanding -7,18%.
Among the worst titles too Yoox, which ended up in a volatility auction: the company is one of the most exposed across the Channel and investors fear the repercussions of Brexit and the devaluation of the pound. The company generates around 16% of its turnover in the UK.
Bucking Eni (+1,59%). The stock benefited from the rebound of Petroleum during the morning. However, crude oil slipped back into negative territory with Brent dropping 0,35% to 48,24 dollars a barrel and Wti 0,35% to 48,24 dollars a barrel.
Overall, the stocks considered defensive, pharmaceutical and utilities are highlighted: Recordati + 1,41% Terna + 1,33% Campari +0,91% ed Enel + 0,89%.
