Two-speed European stock exchanges, Milan reduces the decline – Economy

The European stock exchanges continue mixed, while Milan (-1.4%) reduces initial losses. The markets are awaiting the decisions of the ECB which will launch the rate hike while Piazza Affari remains in tensions after the resignation of Mario Draghi.

Government bonds are showing nervousness with 10-year yields rising. They remain in tension in view of the decisions of the Eurotower, and for the Italian BTP linked to the uncertainties of the political crisis. Spreads and yields recorded sharp increases.

On the currency front the euro against the dollar weakens to 1.0191 in London. In addition to Milan, London (-0.4%) and Frankfurt (-0.3%) are down, while Paris (+ 0.4%) and Madrid (+ 0.4%) are in positive territory.

The energy equity sector fell (-2%) which was affected by the drop in the price of oil. The WTI lost 4.6% to 95.27 dollars a barrel. Brent dropped to 102 dollars (-4.4%).

Utilities are also in the red (-0.4%), with the price of gas falling after the reopening of Nord Stream. In Amsterdam, prices drop to 146.71 euros per megawatt hour (-5.4%). Banks (-0.4%) and insurance companies (-0.9%) were also weak. Technology stocks (+ 1.8%) and pharmaceuticals (+ 0.4%) run. In Piazza Affari the banks continue to be heavy. At the bottom of the main list Poste (-5.6%), Banco Bpm and Unicredit (-5.5%), Intesa and Bper (-4.1%). On the shields Diasorin (+ 3.2%). Campari (+ 1.8%) and Prysmian (+ 1.7%) also did well.



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