Closing near the lows of the day for Piazza Affari in the wake of the weakness of Wall Street on the eve of the Fed. The institute led by Powell is likely to announce for the third consecutive time a hike in reference rates by 75 basis points. Meanwhile, the Swedish central bank surprised the markets today with a rate hike of 100 basis points compared to the 75 expected. On bonds, the yield on the ten-year US Treasury reached 3.58%, while the two-year yield at 3.97%, the highest since 2007. In Europe, the ten-year Bund reached its highest since the beginning of 2014 in the 1.85 area. %.
At the end of the day, the Ftse Mib recorded a decrease of 1.66% to 21,773 points. Financials suffer with approximately -3.5% for Intesa Sanpaolo and Mediobanca. Limit Unicredit damages (-1.5%) with CEO Andrea Orcel who in an interview with Handelsblatt spoke of UniCredit’s intention to expand in Germany and to consider acquisitions. “M&A could be an accelerator, and create added value, if the conditions are right,” Orcel said, repeating what he said several times in the past.
Among asset management stocks, a drop of over 4% for Fineco and Banca Mediolanum. The worst was Banca Generali (-5.89%) which defined the tax reliefs pending with the Revenue Agency for the tax periods from 2014 to 2019. Under the agreement, Banca Generali will bear an effective charge of € 45.99 million, of which higher taxes of € 40.7 million and interest of € 5.29 million, without the application of penalties due to the exemption of the penalty protection. Having already allocated € 10.6 million to the provision for tax risks, the bank will limit the actual charge for the year to € 35.4 million.