Deep red day for the world stock exchanges. Fears prevail on the markets for the spread of the coronavirus and its impacts on the economy, emphasized by the collapse of the German GDP in the second quarter and by the risks highlighted yesterday by the Fed and today by the ECB, with the central banks that still ensure the their support to the economy in case of need. All major European markets are down.
Piazza Affari moves further back with the downward stop of Eni and Generali following the half-year accounts. The Ftse Mib index marks a 3.5% drop to 19,189 points, with the spread rising to 153 points. Under pressure Mediobanca (-3.75%), also fresh from accounts as well as Cnh (-1.73%), Prysmian (-0.32%) and Autogrill (-4.15%), which withdrew the estimates. In counter trend Reno De Medici (+ 8.19%) whose profit rose by almost 50%.
In deep red in Milan Generali was readmitted in Piazza Affari after a freeze due to excess volatility. The share marks a drop of 5.2% to 12.79 euros after closing the first 6 months with a profit more than halved to 774 million, lower than analysts' estimates. Eni has been readmitted to trade after a freeze due to an overshoot. The share yielded 6.83% to 7.83 euro, after the half-yearly accounts also released by Shell (-5.72%) and Total (-1.7%).
Even Wall Street is going negative after a start in trouble and also downgrades the squares of the Old Continent. The collapse of the German GDP (-10.1%), worse than estimates, and the US (-32.9%) weighs, although in this case better than forecast. Frankfurt (-4.06%) is the worst behind Milan (-3.79%), Madrid (-3.5%), London (-3%) and Paris (-2.7%).
The half-yearly reports of Eni and Generali weigh. Down also Cnh (-1.79% and FCA (-4.34%), which is preparing to present the accounts tomorrow after Renault did it today (-8.3%). Shell accounts (- 5.35%), Total (-1.79%) and Volkswagen (-7.24%). Under pressure in the insurance field Allianz (-5%), Zurich (-4%) and Axa (-5.2% Unicredit (-5.99%), Intesa (-4.12%), Banco Bpm (-6%) together with Bbva (-9.7%), Santander (-5.8%) are among the banks and HSBC (-4.9%).
