Milan Stock Exchange, today Piazza Affari is down: the banks are bad

The Ftse Mib closes in negative: it marks a drop of 0.54%

Negative session for the European Stock Exchanges, as for Wall Street, in the wake of fears of a continuation of the monetary tightening by the ECB and the Fed. The title of First Republic collapses by almost 40% and is repeatedly suspended during the day. With this further decline, the market capitalization of the bank falls below 1 billion dollars. However, the quarterly reports of Microsoft and Alphabet were good, which bode well for big tech.

At the TTF in Amsterdam, the price of gas fell to around 38 euros per megawatt hour. The price of oil fell, with Brent and Wti decreasing by more than 0.6%. In Milan, the Ftse Mib closes negative: it marks a drop of 0.54% to 27,107.51 points. The spread between German BTPs and Bunds is up, moving around 189 basis points. The yield on ten-year bonds also fell, around 4.24%.

Tim (+1.62%) and utilities performed well on the main stock exchange in Piazza Affari. In the queue, however, the banks, which still discount the slips of First Republic. Unicredit loses 1.93%. As part of the ordinary share buyback programme, the institute communicated that it has purchased 10.24 million treasury shares, at the weighted average price of 19.438 euro per share, for a total value of 199 million euro. Negative performances also for Banco Bpm (-5.57%), Mps (-5.43%) and Bper Banca (-6.73%).

Finally, Prysmian’s decline stands out (-3.28% to 35.94 euros), perhaps in the wake of the slide suffered by the French group Nexans, after the release of quarterly results. (in collaboration with