Handbags, Europe worsens with Wall Street: Milan closes at -3% – Il Sole 24 Ore

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This article was published on February 2, 2016 at 17:40 hours.
the last change is the February 2, 2016 at 22:16.

Still a day of declines on the major European markets that lose all than one percentage point with black mesh Business Square which closed at -3% (here the trend of the indexes). And the declines also affect Wall Street with the major indices all negative (here the day index chart S & amp; P500). in negative territory close to Wall Street. The Dow Jones loses 1.79% to 16,154.84 points, the Nasdaq yields 2.24% to 4516.95 points while the S & amp; P 500 leaves on the ground 1.87% to 1903.06 points. Also weighing on the stock market is once again the poor performance of oil is now closed down for the second day in a row leaving behind 5.5%.

The continental markets still suffer once the oil price declines (here the prices of Brent and WTI). The oil sector (here the Stoxx sectoral chart) must also deal with the bad results of the British giant BP that closed the fourth quarter with a profit drop of 91% to $ 196 million against the 2.24 billion D of the same period last year.

From the 2015 budget presented by the British giant it revealed a net loss of 6.48 billion dollars well. That the financial statements were closing in red was already reckoned but certainly within a few would have expected that the hole would have been almost twice that estimated by the consensus of analysts. If anyone thought it was unlikely that the company was able to close a budget worse than that of 2010, the year of the disaster of the Deepwater Horizon rig in the Gulf of Mexico where BP lost 3 billion and 700 million dollars, had to think again. And the market has begun to think carefully about the impact of a prolonged period of low oil prices are likely to have on the sector accounts and the markets in general.

Crude remains above the psychological threshold of $ 30 per barrel but it has already absorbed a good part of last weekend’s rally when rumors about an agreement within OPEC for a production cut aimed at stemming the collapse prices had caused a revival.

In addition to oil and mining companies are still reporting sharp falls for the credit titles (here Stoxx bank index graph) in the aftermath of Mario Draghi’s statements on the need not to move backwards on ‘ application of the Directive on banking resolutions. A cold shower for Italians lenders and for the same Bank of Italy Governor Ignazio Visco and her that, since Assiom Forex conference in Turin, had called for a revision of the legislation on the bail-in.

This is also at the Milan Stock are back to take its toll on sales of lenders titles with a new hard seat for Banca MPS. Recovering the bond Luxottica Group aftermath of the slip caused by the announcement of the reshuffle at the top. Also hurt Saipem and the rights on the capital increase to be negotiated until Friday. Declines even on Eni.

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