A decidedly negative day for all European stock exchanges. Following the collapse of California’s Silicon Valley Bank, now fears about Credit Suisse, whose stock is sinking, are driving down the area index, the stoxx 600 which, with the negative start on Wall Street, loses more than two points and half. Financials, energy and consumer staples stocks are particularly affected.
According to Pierre Veyret, technical analyst at ActivTrades, the general sentiment of stock markets is fragile because investors are still awaiting inflation data and monetary policy decisions. The difficulties of the banks in Europe and in the USA are raising fears of systemic risk, while further increases in interest rates are expected.
At the TTF in Amsterdam, the price of gas fell to 43 euros per megawatt hour. The price of oil drops a lot, with Brent and Wti dropping by as much as 6%. In Milan, the Ftse Mib collapses: it marks a loss of 4.61% and closes at 25,565.84. The spread between German BTPs and Bunds rose sharply, hovering around 192 basis points. On the other hand, the yield on the ten-year bond decreased, around 4.06%. Campari (+0.52%), Erg (+0.23%) and Terna (+0.38%) performed well on the main price list in Piazza Affari. In the queue, however, the banks. Unicredit loses 9.06%, Bper 7.23%, Intesa Sanpaolo 6.85% and Banco Bpm 7.13%. Asset management is also in difficulty, with Fineco down by 7.63% and Azimut down by 4.37%. (in collaboration with Money.it)
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