Stock exchanges, new collapse for the banks
New collapse for the banks in the European stock exchanges, after a week of turbulence due to developments in the Credit Suisse case and the failures of US regional banks which have fueled fears about the conditions of the global banking sector. The main lists of the Old Continent plummet in the middle of the morning and lose more than 2%.
“Volatility in the global banking sector is expected to shift the attention of investors on the risks of recession and the deterioration of fundamentals”, Citi said in a statement, estimating corporate earnings to contract 5% to 10% this year Dax thumped in Frankfurt, losing 2.28%. London falls by 2.24%, Paris by 2.26% and Madrid by 2.76%. Piazza Affari leaves 2.07% on the ground.
Banks, Gros-Pietro: “There is nervousness, central banks give perspective”
“I saw that there is a tide” on the markets, but “the markets do their job. When there are variations they tend to accentuate them because they gain from accentuating the variations. But then they settle down.” Thus the president of Intesa Sanpaolo, Gian Maria Gros-Pietro, commented on the difficult day for bank stocks on the European stock exchanges on the sidelines of an event at the Biennale Democrazia. “These concerns – he added – demonstrate that there is nervousness and it is good that the central banks give messages instead of the reliability of their decisions, therefore that they are able to give some perspective”.
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