Piazza Affari continues the session with a sharp decline. Since the start of trading, the Ftse Mib has lost 2.23% to 27,093.42 points. (here the stock performance in real time) after the negative performance of Wall Street and the Asian markets. European stock exchanges are also bad with Frankfurt losing 1.57%, London -1.77% and Paris -1.91%. On the Asian market, Tokyo closed at -1.67% with the Nikkei at 28,143 points while the Hong Kong Stock Exchange ended the session with a crash, aligning itself with the heavy losses of Wall Street: the Hang Seng index fell on 3, 04%, slipping to 19,319.92 points.
Silicon Valley Bank on the verge of bankruptcy
The greatest fears are related to the Silicon Valley Bank, an American institution on the verge of bankruptcy. The disheartening news comes a few days after the bankruptcy of Silvergate Bank, a Californian credit institution linked to the world of cryptocurrencies: the risk of contagion on the US credit sector has knocked out the stock exchanges.
Silicon Valley Bank specializes in start-up financing: in pre-opening the stock’s downside potential is down by 60 percent. The bank is seeking to quickly raise about $2.25 billion after posting $1.8 billion in losses on bond sales — funds needed to plug the flight of customers and pay back savers who requested to liquidate deposits. In part, the collapse of the Californian bank is linked to the devaluation of the bonds in portfolio caused by the soaring interest rates initiated by the Federal Reserve since last March and still ongoing.
The securities in Piazza Affari
In Piazza Affari the worst performances are those of the banks, following the collapse of the sector in the United States. In the main list, Unicredit (-4.11%) and Fineco (-5.5%), Bper (-4.4%), Banco Bpm (-4.93%), Intesa (-3.16%), MPs (-3.15%). Azimut (-3.29%), Banca Generali (-3.47%), Mediolanum (-3.88%) were also bad. Complicated session also for the technological with Stm (-2.84%) and Prysmian (-4.53%). The automotive sector was heavy, with Stellantis (-2.82%), Iveco (-2.57%) and Cnh (-4.55%) down. The drop in oil prices weighs heavily on the energy sector where Eni (-0.33%) and Saipem (-0.88%) are suffering. Tim was also bad, on the day of the related parties committee on the CDP offer. Leonardo’s stock in Piazza Affari is up by 2.89% on the day following the publication of the 2022 financial results. Italgas also rose (+1.46%) after the accounts and Terna (-0.28%).
Oil, gas and metals
Energy was also bad with the price of oil falling, with Brent in May at 81.1 dollars a barrel and WTI in April at 75.2 dollars a barrel. In Amsterdam, prices rise to 47.2 euros per megawatt hour. Among metals, gold rose to 1,835 dollars an ounce (+1%) while silver showed little change at 20.13 dollars.
Spread e Btp
Rising start for the spread between 10-year BTPs and equivalent German Bunds awaiting data on the US labor market. The differential stands at 179 points, against 175 on the eve. The yield of the Italian stock stands at 4.308%. The euro opens higher on the greenback. The single currency grows against the dollar after US data to 1.0691 (+1.05%) while it is slightly down against the yen to 143.72 (-0.22%) after the Japanese central bank rates unchanged The dollar/yen ratio was 136.75 (+0.45%) at the start of the day.
