MILAN (Reuters) – The last session of the week marked by sales in Piazza Affari, scuttled by bankers on renewed fears about the state of health and the stability of the sector in the US and Europe.
After the Credit Suisse case, whose rescue methods by UBS last weekend generated major criticism for the treatment of At1 bond holders, investors are targeting today Deutsche Bank (ETR:).
In its third session of losses, the stock of the German institute manages to lose more than 12% in Frankfurt, accompanied by a sharp rise in CDS, triggering sales throughout the European sector, despite the reassuring messages on the continental banking system from several European leaders and the number one of the ECB Christine Lagarde on the day of the EU Council.
The approaching end of the market for the weekend increases the pressure of investors who close positions on equities, preferring to turn to the safer havens of bonds.
Around 17.00 the index was down by 1.9% above the session lows. Thanks to the strong rally at the beginning of the weeks, the main index of Piazza Affari is starting to close a particularly intense week with a positive balance of around 1.8%. Volumes of around 1.9 billion euros.
Among the featured titles:
The Italian banking sector index loses 2.5% after losing more than 5% intraday. Since the beginning of the month, the basket has recorded a loss of 14%. Among the most penalized, BPER (BIT:) and BANCO BPM (BIT:) lost 4%, UNICREDIT (BIT:) 3%.
Asset management stocks partially recover with BANK MEDIOLANUM (BIT:), AZIMUT (BIT:) which limit the declines to around 1% after the biggest losses of the day
The negative sentiment on the market does not spare other sectors, such as industrials and Oil, the latter also weighed down by the drop in oil prices. IVECO loses 4.6%, LEONARDO 3.1%, while ENI (BIT:) and SAIPEM (BIT:) drop by more than 2%.
Among the few positive ideas of the FTSE Mib, DIASORIN (BIT:) stands out with a leap of over 3%.
Among the minor titles, the SOLE 24ORE is in great dust, jumping by around 7.7% in the wake of the results on 2022 which see a return to profit after 14 years.
(Andrea Mandalà, edited by Stefano Bernabei)