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Wednesday, February 1, 2023

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Black Friday on the markets, Europe burns 232 billion. Heavy Milan at -3.3%

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Last session before the elections strongly negative for the Milan Stock Exchangethe worst among the main equity markets in Europe, where however all the lists have slipped: the Ftse Mib index closed down 3.3% to 21,066 points, on the lows of the day. Among the major titles of Piazza Affari, sudden slip by Tenaris (-8.3%) also on the weakness of oil, bad Leonardo (-6%) with Eni and Intesa, which both sold 4.7%. He tried to keep Atlantia, filed by 0.3%.

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Black Friday for European stock markets, sunk by macroeconomic forecasts, possible interventions by the ECB and the lack of stability in the price of oil: the Stoxx 600 index, which groups the main stocks listed on the Old Continent, it sold the final 2.37%, which is equivalent to 232 billion euros of capitalization burned in a single session. Piazza Affari alone, with a 3.22% drop in the Ftse All share index, ‘lost’ over 19 billion.

The New York Stock Exchange is also bad. The Dow Jones lost more than 2% and recorded a 500 point drop on Wall Street, its lowest since 2020.

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The dollar strengthenswhich changes hands at 1,025 euros and at 0.9 pounds, while crude oil collapses (Wti -3.53% to 80.61 dollars a barrel) due to fears of a recession, as revealed by the PMI indices that are falling above the estimates in France, Germany and the EU. The analogue given also in the USA is expected.

Gold prices are down 1.44%, with the spot price falling to $ 1648.6 an ounce at its lowest since August 2020.

The spread between BTPs and German Bunds closed the last session before the rising vote: the differential concluded at 230 points against 220 at the start of the day, with the Treasury output rate at 4.32%. On a day of strong tensions on government bonds across Europe, the yield of the Italian bond rose by 16 basis points, but it was a session of passion especially for the product of the same maturity of Great Britain, in parallel with the slide of the pound. , which rose by 33 basis points to 3.82%.

Source: Ansa

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