MILAN (Reuters) – Wall Street’s bad mood spilled over to Piazza Affari and other European stock exchanges, which moved forcefully into negative territory at the end of a turbulent week.
Yesterday’s bailout of another troubled regional bank, First Republic Bank, by a group of big US banks like JP Morgan (NYSE:) and Morgan Stanley (NYSE:) was not enough to calm the nerves of investors, already shaken by the recent collapses of Svb Financial and Signature Bank.
The sales affect the entire American banking sector, including the big banks, and also pour into the Old Continent, which thus sees yesterday’s recovery triggered by the rapid intervention of the Swiss central bank in support of Credit Suisse evaporate.
The fact that the European Central Bank found no signs of contagion to eurozone banks at an ad hoc supervisory meeting held today, after Frankfurt yesterday confirmed its restrictive policy to fight inflation, was of little value .
Around 4.35 pm the price dropped by 2%; in one week it lost 6.8%. Intensive volumes around 2.9 billion euros.
Among the featured titles:
The banking index loses 3.2% after a good start. Unicredit (BIT:) loses 4% as Bper (BIT:), Intesa Sanpaolo (BIT:) loses almost 3%; other major European banks are doing worse with discounts reaching 5%.
Asset management suffers again with Finecobank (BIT:) down by 4.1%.
The oil & gas sector also capitulates after a sharp rise in the morning. Just stay positive Saipem (BIT:) (+0.9%) while Eni (BIT:) dropped 0.7%, still positioning itself among the best stocks in the FTSEMib thanks to its generous remuneration policy.
In sharp decline Telecom (BIT:) (-4.7%) like the whole European TLC sector, Leonardo and the auto sector are down.
On the other hand, WeBuild’s race continues which, after yesterday’s +12% in the wake of results and guidance above analysts’ expectations, today rises by another 8.5%. What ignites the title is above all the hypothesis that the bridge over the Strait of Messina will actually be built.
(Claudia Cristoferi, edited by Stefano Bernabei)