Dense sales in Piazza Affari, the black jersey of Europe. The markets are weighed down by fears about economic growth, with the spread of the Delta variant of Covid-19. Even the minutes of the FOMC did not help, in which it emerged that the conditions for starting a tapering of Quantitative easing were “somehow centered sooner than anticipated” according to some officials of the American central bank. Hence the new drop in rates. In fact, the decline in bond yields continued (US Treasury 10Y rates to a 4-month lows below 1.3%). Operators also had to deal with the prospect of a more lasting accommodative policy on the part of the ECB, which today announced the strategy review that envisages greater tolerance for inflation above the 2% target. In this context, the Ftse Mib index closed with a decline of 2.5% below the 25,000 points threshold to 24,641 points.
Bad for the banks, already in trouble on the eve in the wake of the drop in rates and which today have lost further ground, with the hopes of a more favorable context for their profitability with possible rate hikes that fade. Among the worst, with discounts of over 3% Banco BPM, Bper and Unicredit. The stock of the Piazza Gae Aulenti group is on a two-month low with a balance of approximately -13% in the last month.
But Telecom Italia did even worse, which sold 4 percentage points ending at € 0.39, after the Antitrust initiated an investigation regarding some clauses of the agreement between Tim and Dazn for distribution and related technological support. to the contents of Packages 1 and 3 of the rights for watching Serie A football matches in the three-year period 2021-2024.
Stellantis was also in trouble (-3.35% to 16 euros) on the day of EV Day, in which he illustrated the strategy on electrification. The group led by Carlos Tavares aims for over 70% of sales in the EU from low-emission vehicles (LEV) by 2030 and plans to invest over 30 billion euros in electrification by 2025. Exor is also bad. worst share today on the Ftse Mib list, with a -4.16%.