First negative session of the week for the Milan Stock Exchange, which moved in line with Europe while awaiting the bulk of the quarterly data from US companies: the Ftse Mib index concluded down 0.71% at 34,955 points, the FTSE fell by 0.73% to 37,097.
In fact, all the stock markets of the Old Continent ended in decline: the weakest stock exchanges were those of Paris and Frankfurt, which closed with a drop of one percentage point, followed by Madrid down by 0.6%. More cautious are Amsterdam (-0.5%) and London, which lost 0.4%.
But above all it was a day of strong tension and sales on government bonds, with the spread between BTPs and 10-year German Bunds increasing: the differential ended the session at 122.8 basis points against 116.9 at the start . The rise in bond yields was notable, especially Italian, Spanish, Portuguese and French, whose rates rose to double digits.
The 10-year BTP recorded a final increase in yield of 15 basis points to 3.508%, after reaching the lowest levels since August 2022 on Friday. Also the spread compared to the German Bund at the same maturity at the end of last week it was at recent lows, exactly since November 2021.
According to analysts, it was a rebound from these very low levels, favored by disappointment among operators over the bet according to which the ECB could lower rates by as much as 50 basis points by the end of the year and by fears of a victory of Trump in the US elections, which could lead to an increase in debt. The euro was weak, losing almost half a percentage point to the dollar at 1.081.
Raw materials, on the other hand, are on the rise: gold continues to correct its historical highs up to 2,755 dollars per ounce for the future in December. Oil and gas are up about 2%.
In this context on the Milan Stock Exchange in the large capitalization basket the heaviest stock was that of Monte dei Paschi with a final decline of 2.7%, followed by Stellantis which lost 2.1% and Banca Popolare di Sondrio in down by two percentage points. Enel was flat, with Tenaris, Azimut and Eni up by one point, with Saipem up by 1.3%.
