Banks in free fall, the Milan Stock Exchange lost 2.8% – Milano Finanza

very heavy session for Milan Stock Exchange, which closed on the lows of the day down 2.8%. The downward pressure has focused once again on the banks, also sold throughout Europe following the disappointing half-year accounts of the German Commerzbank that at the Frankfurt Stock Exchange, has left on the ground 9%.

Italian institutions have, as usual, accentuated the fall and have suffered various suspensions in the day, thanks to the concern for the future of the industry even after the stress test results. The worst title was Mps (-16%): according to an expert weighs especially the dilutive impact of the increase from 5 billion capital compared to a stock market capitalization that is only from 800 million to 900 million. Still affected Unicredit (today -7% after -9.4% yesterday), who could face a capital increase for an amount yet to be clarified.

Behind MPS , down sharply also Bper (-12%), Banco Popolare (-10%), BPM (-10%), Creval (-8.4%), Mediobanca (-8.22%), Ubi Bank (-7% ) and Carige Bank (-5.62%). Lower the drop in Intesa Sanpaolo (-3.8%) which reduced the loss thanks to a semi-annual report than expected. Among financial stocks, have also lost ground Unipol (-9.06%), Soul (-8.35%), UnipolSai (-5.28%), Exor (-4.22%) and Azimut (- 3.05%).

Business Square was black mesh on European markets followed by Madrid (-2.7%), Paris (-1.81%), Frankfurt (-1.76%) and London (-0.72%). To put pressure on the squares of the Old Continent, according to Claudia Segre, president of Global Thinking Foundation approached by MF-Dowjones, “speculation surrounding the banking sector and which is likely to lead to a disaffection of investors towards the stocks in the sector.”

the problems of banks, in fact, not unique to Italy, with Commerzbank which, as mentioned, said he expected a net profit and operating for the full year lower than those of the last year. All eyes are also on Deutsche Bank and Credit Suisse, which were removed from the Stoxx Europe 50, certifying the extent of the sell-off that is sweeping the credit.

The day was not better for the industrial sector with Fca (-4.3%) which suffered the slowdown in sales volumes despite these will still be confirmed above the market average. Following Salini Impregilo (-4.31%), Astaldi (-4.82%) and CNH (-4.27%).

Among the luxury stocks, closed down in pending the accounts Ferragamo (-3.06%), followed by Moncler (-3.22%), Ynap (-2.23%), Cucinelli (-1.86%) and Luxottica (-1, 28%) and Tod’s (-0.93%). Sell-off also of Telecom Italy (-2.55%) and Mediaset (-2.85%), with the eyes of investors who are focused on the outcome of the meeting between the leaders of the Alfa and those of Vivendi in attempt to reach an agreement and avoid legal action.

Major falls for Saras (-9.48%), punished for the outlook for the second half, proved less successful than hoped. Afterwards, Saipem (-2.57%), Eni (-2.09%) and Tenaris (-1.55%), on which continued to burden the downward trend in oil prices, which have fallen now over the threshold of $ 40 a barrel, and then back to rise: at 17:25, Brent traded at $ 42.29 per barrel (+ 0.36%) and WTI to $ 40.12 per barrel (+ 0.15%).

In contrast Campari (+ 4.65%) and Ferrari (+ 2.52%), which have accelerated the increases following the presentation of the half-yearly accounts. most also sign for Banca IFIS (+ 1.41%), ItaliaOnLine (+ 0.79%) and Inwit (+0.22%).

from a macroeconomic point of view, arrived this morning the data for the index of industrial producer prices in the euro area in June, gave up 0.7% on a monthly basis, while prices fell by 3.1% on an annual basis (-3.5% expectations the consensus of economists). The figure represents an acceleration compared to May, when the indicator had risen by 0.6% compared to April and declined 3.9% on an annual basis.

From the US side, however, they have certificates accelerating consumption in June, despite a more contracted income growth. In detail, the personal consumption expenditure rose by 0.4% on a monthly basis, beating consensus expectations (+ 0.3% MoM) and also those of May were confirmed at + 0.4%. The consumption deflator or the personal consumption expenditures price index, rose 0.1% on a monthly basis and 0.9% on an annual basis, in line with expectations, with the core component, also in June, grew by 0.1% on a monthly basis (+ 0.1% consensus estimate) and 1.6% trend. Below expectations, however, the personal income, increased by 0.2% MoM (+ 0.3% consensus)