(ANSA) - MILAN, MARCH 20 - The rescue of Credit Suisse, with the zeroing of holders of At1 bonds and the ousting of UBS shareholders, who will not be able to reject the agreement, scares the markets, with investors worried about new crises in the banking sector.
The bankruptcies of Silverbank, Svb and Signature - Intermonte analysts point out - may not be the last, as investors and depositors do not want to take risks.
Milan dropped 1.5%, after losing up to 2.6%, London 1.2%, Paris 0.8% and Frankfurt 1%.
Risk aversion generates volatility and is pushing investors towards safe-haven assets such as gold, which has jumped above 2,000 dollars an ounce (+3.7% to 2,002 dollars), and the yen which jumps by 1.1% on the euro, at 139.2, and by 0.8% against the dollar, at 130.7.
Government bond yields also fell, led by the German Bund, which dropped by 14 basis points to 1.95% while the Btpsi stood just below 4% at 3.98%.
The tension on the markets is reflected in the BTP-Bund spread, which is up 9 basis points to 203. The storm also overwhelms oil, which sinks by 3.8% with the WTI trading at 64.18 dollars a barrel and Brent at 70.2 dollars , while gas futures in Amsterdam slip below 40 euros (-7.1% to 39.9 euros).
Banks are sinking on European stock exchanges, with the Stoxx sector index down by 4.9%: Ing (-8.8%), Barclays (-6.6%), Commerzbank (-6.3%) lead the declines among the stocks within the basket while in Piazza Affari the worst are Bper (-4%), Mps (-4%) and Banco Bpm (-3.9%).