The European stock exchanges continue the session in sharp decline, after the new sanctions on Russia for the invasion of Ukraine and although investors hope the talks between the Russian and Ukrainian delegations, scheduled today, will open the way for dialogue and a cessation on fire. For now, however, in Ukraine, from the news that arrives, the bombings continue and this does not lay the best foundations for the Ukraine-Russia confrontation. Milan lost 3.1%, Paris 3.15% and Frankfurt 2.55%. Madrid also lost 1.8%, Amsterdam 2%. London limits the damage to -1.6%. Oil, meanwhile, continues to run: the WTI in April rises by 4.27% to 95.5 dollars a barrel. The price of gas is below the highs of the day, but continues to score + 25%, settling at € 116.49. Finally, gold rose by 0.46% to 1897.8 dollars an ounce.
[[(gele.Finegil.StandardArticle2014v1) ucraina pastone quinto giorno 28 feb]]
The banks are back in the storm in light of the developments of the war in Ukraine and the tightening of sanctions on Russia. In fact, the new measures launched by Western countries aim to exclude the main Russian banks from the circuits of international finance, also considerably limiting the operations of the local central bank. Decisions that in Russia have already provoked a run on the branches and that have led the ECB to declare the European subsidiaries of Sberbank at risk of bankruptcy “due to the deterioration of their liquidity situation”.
Meanwhile, the publication of the official list of Russian banks involved in the expulsion order from Swift, the messaging system that connects 11 thousand banks and global institutions and is responsible for the execution of the vast majority of financial transactions, is expected today. At Piazza Affari, the sales hit UniCredit in the first place, now entered in the volatility auction when the prices lost 10.68%. The institute in Piazza Gae Aulenti is the most exposed Italian bank in Russia, with loans of around 8 billion and, according to the calculations of Bestinver analysts, total assets of 14 billion. Also bad was Intesa Sanpaolo (-6.14%), Banco Bpm (-5.68%), Bper (-4.58%), Banca Mediolanum (-4.25%) and Mediobanca (-2.86%), but for the banking sector it is a black day throughout Europe (the Stoxx sub-index of the sector -5.84%).
The announcement of Germany’s rearmament plans, which has allocated 100 billion to strengthen the army in response to the Russian invasion of Ukraine, gives wings to the Leonardo stock in Piazza Affari and to the entire European defense sector. The quotations of the former Finmeccanica entered the volatility auction when they jumped by 17.96%, while in Paris Thales flies by 15.3% and in Frankfurt Rheinmetall even by 43%. Fincantieri also takes advantage of this on the Milanese list, with volatility of + 15.47%. Leonardo, the Equita analysts note, “has modest direct exposure to Germany, mainly through the 25% held in Hendsoldt”, but “in light of the current context” the experts expect that “the position taken by Germany may be followed by other announcements of increased military spending by Western countries ». Italy, remembers Equita, invests less than 1.5% of GDP in military spending, while Germany will rise over 2%. The German announcement, the experts of Banca Akros note for their part, “is positive and not discounted” by stock market prices. As for Fincantieri, Equita notes that “the military business represents about 25% of total volumes” and “guarantees better margins than the cruise sector and a better payment profile”.