The rain of sales caused by the Turkish crisis is losing intensity but does not stop. The monetary authorities took the field this morning to try to stop the fall of the currency, previously the supervisory authority of the banks had also intervened. But the lira fell further to 6,83 against the dollar, down 5%, the cross crossed above 7 tonight.
In Milan, the Ftse Mib index lost about 1% below 20.900 points. Similar decline in Madrid. Paris is down about 0,4% as is London. Frankfurt's Dax falls by 0,6%. The title Bayer came to yield more than 11%, at least in two years, after Monsanto, acquired in recent months by the German group, was sentenced in the United States to pay a 289 million dollar fine due to a herbicide containing glyphosate, believed to be carcinogenic.
The euro-dollar cross is equal to 1,138 (-0,2%), on the lows of the last 13 months. Meanwhile the yield on the Italian 3,05-year bond rose to XNUMX%, from 2,97% of the closing. The Bund Btp spread widens to 273 basis points: the highs at the end of May are very close. Oil prices showed little change: Brent rose by 14 cents to 72,95 dollars a barrel, while Wti remained unchanged at 67,64 dollars.
The Turkish financial crisis has increased the risk of contagion from other emerging economies, dragging down the South African rand, the Argentine and Mexican pesos, and the Russian ruble, with negative repercussions also on the stocks of emerging countries and on the prospects for demand for crude oil. Eni + 0,5% Saipem + 1%.
The Istanbul Stock Exchange is down 2,5%. Turkey's 8,89-year dollar-denominated bond traded 57%, up XNUMX basis points from Friday.
The central bank of Ankara has lowered the amount of lire and dollars that credit institutions are required to deposit, thus freeing up about 10 billion lire of liquidity, 6 billion in dollars and 4 billion in gold. Previously, the Turkish authorities relaxed the parameters on collateral and tripled the amount of liquidity that banks can request from the central institution. The regulator warns that "the necessary measures will be taken to maintain financial stability".
Meanwhile, tourism suffers under the weight of Air France -5,23% and the Turkish crisis which sapped investors' appetite for companies related to tourism in the country. The tour operator Tui loses 4,1%, the airline the easy family of brands. 1,4% and the cruise operator Carnival 1,1%.
Weak banks in the euro area (-1,3% sector index). The title Deutsche Bank it lost 1,6% following the downgrade to "underperform" decided by Bank of America Merrill Lynch. In the price list of Piazza Affari continue to suffer Unicredit -3,4% to 13,38 euros, the institute most exposed to the Anatolian economy. JP Morgan lowers the target price to 19 euros. Banco bpm -2,64%. It gets worse Monte Paschi Bank -4,41%.
Salt instead Azimuth +1,40% in the sights, according to rumours, by Mediobanca -3,2%. Also under fire in Piazza Affari Astaldi -5% which sees the possibility of selling the third bridge over the Bosphorus diminishing, an operation necessary for the realization of the capital increase. Still weak, like Friday, stm -1%. Leonardo -1,13%: the chances of winning the tender for trainer aircraft to be supplied to the United States Air Force are down.
