The storm does not subside. Indeed, the fear of a sharp slowdown in the global economy is pushing the European stock exchanges into a new heavy decline. London, in the midst of urban warfare scenes, and Frankfurt lost 1,44% and 2,64% respectively, Paris dropped by 0,67%. In Milan, on the other hand, the FtseMib index returned (slightly) to positive territory around 13 pm, while the improvement in the government bond market continued with the recovery of BTPs: thanks to the interventions of the European Central Bank, the bond yield 21-year government bond is down 5,06 basis points to XNUMX%.
On the Stock Exchange, the banks benefited, once again positive. Spain is doing better, with the yield on the ten-year Bono already dropped this morning below 5% to 4,95%, 16 points less than yesterday. And the fateful spread with the German Bund is 268 points for Bono and 277 points for the BTP: last night it closed at 302 points. After the interventions of the ECB and taking note of the Chinese difficulties (inflation has risen to 6,5% against a target of 4%), the spotlights are now on Washington. At 18 and 15 Italian time the press release of the Federal Reserve will be released. The markets are expecting concrete initiatives to counter the recession, which is now upon us, as demonstrated by the collapse of oil prices below $80.
CAR TITLES COLLAPSE. FIAT IN BREAKDOWN
THE DROP IN OIL WEIGHTS ALSO ON ENI
On the European stock exchanges, the best-selling stocks are those linked to the economic cycle, starting with raw materials and oil: the English BP drops by 3,2%, Shell falls in Amsterdam, down by 4,5%. In Milan Eni drops by 2%, Saipem -3,1%, Tenaris -3,2%. WTI US crude is trading at 78,8 dollars a barrel, down 3%. The improvement in BTPs helps the banks which are largely positive: Intesa rises by 1,3%, Unicredit +0,4%, Banco Popolare +1,4%, Mediobanca -0,4%, Monte Paschi +1% . Those doing badly are the industrial stocks most linked to the economic cycle. Fiat falls by 7,7%, Prysmian -2,4%, Fiat Industrial -4%, Pirelli and Impregilo -3%. Exor, the financial company of the Agnellis, loses 2,9%. Campari is also bad -2,7%. After a series of fluctuations, Tod's now marks a rise of 1,4% thanks to the buy promotion of Citigroup. Capitals fleeing normal investment instruments are seeking refuge in the Swiss franc, which has risen to 1,0605 against the euro, and in gold which has risen to a new record of 1.765 dollars an ounce.
