Monday, February 8, 2016

The collapse of Wall Street Bags Milan closes at -4.7%. The spread of nearly 150 points – Il Sole 24 Ore

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This article was published on February 8, 2016 at 09:06 hours.
the last change is the February 8, 2016 at 18:29.

The European stock markets closed down sharply. And to say that they had opened higher, but as is often the case in recent sessions it comes to mini-rebounds, no energy. Rebounds called in the operating rooms of the “dead cat”.

Italian stock market has been close to 5% of the close to half an hour, then storing the session with a fall of 4.69%. Sales have affected all sectors, from Saipem (-24.63%) and banking. In a weak session for the whole of Europe, in Milan we have come to the suspension in a volatility auction of 13 most highly capitalized stocks, especially financial which is accompanied by Fca (-10.13%). The FTSE MIB veteran of six consecutive weeks of decline leads to -23.2% over the taxable year to date, with a performance similar to that of Shanghai (-23%) today, as well as for many other Asian markets, it is closed (and will remain so until February 12) for the festivities of the lunar new year. The Ftse Mib is back to the levels of July 2013, at an altitude of 16,441 points.

In Black Monday in several large-cap stocks the Milan Stock have left on the ground a lot of value: the worst was that Saipem has lost 25% to 0.38 euro after the capital increase and the risk of rejection by Standard & amp; Poor’s, while MPS shares closed down 11% at 0.519 euro, near the record low. Bper also suffered a decline of 11.9%, followed by Ubi and Italian Poste that have yielded both 10.4%, with Carige the decline of 10.1%, while Intesa has moved with the general index (- 4%) and UniCredit shares closed down 5.8 percent. Male Fca, in the final decline of 9.8%.

High Voltage for the Stock Exchange of Athens because of the uncertainties for keeping the government led by Alexis Tsipras at the center of protests and street demonstrations for the pension reform. The main index of the Athens Stock Exchange sells 10% bringing the budget for the year to -22%. The announcement of the pension reform in January by Tsipras foresees the reduction to 2300 euro monthly maximum amount (from 2700) and a minimum of 384 Euros. The measures are part of the plan requested by the troika (EU, IMF and ECB) in exchange for the new plan of aid by 86 billion euro traded in July.

Fall banks in Europe but sales affect the price lists so generalizzato.La Tokyo Stock Exchange closed up by 1.1% reversing the route (was losing 3%) after the publication of data on the current account that in December in Japan showed a surplus of 960,7 billion yen, spurred by a trade surplus return. The figure is still below the expectations of economists, who were expecting a surplus of 987.0000000000.

On the bond market, the spread between BTPs and Bund jumped to the highest since July 2015, rising to 147 basis points, but today it is also recorded a maximum of 149 points. The rate on ten-year Treasury is rising 1.67%. It also grows the spread of Spain, with the Bonos-Bund gap to 153 basis points and with the rate on the Spanish 10-year bond to 1.74% (Eurozone bond yields). On peripheral bonds uncertainties weigh on the banking system after the approval of the bail-in.

The favorite retreat of the moment, however, remains the gold. From beginning of the year it rose by 10%, 5% last week. Despite the absence of the yellow metal inflation outlook is purchased, a further indication of the turmoil they are experiencing the markets.

Sales Day also on oil that yields 3% despite the recovery of the dollar on ‘ euro. The “sentiment” of the euro area has deteriorated more than expected in February on concerns about the global economy. The Sentix index, which monitors the morale of investors and analysts in the euro zone, fell to 6.0 during the month from 9.6 in January. The analysts polled by Reuters had forecast a reading of 7.6. “The euro area is demonstrating, and no surprise, it is not immune to the considerable loss of momentum in the global economy.”



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