After three days of increases, it slows down Business Square, pushed down by profit taking. However, the Italian list limits the damage compared to the other European lists, heavily conditioned by the negative day on Wall Street. In the middle of the day, the Milan stock exchange dropped by 0,46% while in the same minutes Frankfurt loses 1,32%, London -1,78% and Paris -1,78%.
Wall Street instead, it closed with a decline of more than 1%, dragged in the dust by the collapse of Apple shares.
In Italy, the spotlights are on the banking sector, on the day of the presentation of the Atlante guarantee fund and pending official feedback on the outcome of the Popolare di Vicenza increase. There is also expectation for the council of ministers this afternoon at 18 which should decide on the repayments for the account holders of the four banks rescued at the end of November. In addition to the caution of the moment, some stocks in the sector are being weighed down by gains following the rises of the last three days.
Many of the main Italian institutes are down: Bper loses 1,6%, Ubi 2%, Ps 1,46%, bpm 1,11%, Intesa Sanpaolo -0,88%, Contains damage Unicredit -0,17%, while Banco Popolare loses 0,7%. In stark contrast Banca Mediolanum, +2,70%, pink jersey of the Italian list.
The titles of the Fiat galaxy are bad: Fiat Chrysler -3,48% is the worst stock on the list. It also drops Cnh Industrial -1,90% on the day of the quarterly. The automotive sector is affected by sales throughout Europe and is the worst European sector index (-1,68%).
Eni, after a complicated opening in the wake of market weakness, tries to reverse course in the wake of first quarter results, better than expected, but remains in negative territory -0,42%.
Luxury on the swing: bad Salvatore Ferragamo -1,74%, good, after yesterday's downturn, Luxottica + 1,36%.
Among the best stocks of the morning are also Azimut Holding +0,86%, Telecom Italia +0,69% and Snam +0,66%, which continues the rally of the last few days.
