Milan Stock Exchange, closes in sharp decline: Ftse Mib -2.53%. Only Fineco is saved with a leap of 6%
L’significantly better than expected performance of the labor market in the USA sank the Milan Stock Exchange which ended the session with the Ftse Mib down by 2.53%, however in line with the other main European markets. A negative climate on the market had been registered since the morning for the apprehension about the resilience of the economy and fears about the possible rise in interest rates. The data on private sector employment in June, with the best performance since July 2022 and the creation of more than double the expected jobs, delivered the coup de grâce with investors fearful of the possibility that the Fed could push its tightening monetary policy even harder and for longer.
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On Wall Street, sales on equities and a jump in yields on bonds, with those on 2-year bonds at their 16-year highs. The BTp/Bund spread rose to 175 points. Generalized sales on the Milanese share: only Fineco is saved with a leap of 6% after the June collection data, which see a balance sheet of over 5 billion in the first six months. Saipem’s positive streak continues (+0.22%), all the other stocks are in the red, with Amplifon (-5.6%) in line with St (-5.18%), penalized by the “chip war” between China and the USA. In Milan, high attention was paid to the securities of the “Berlusconi galaxy” on the day of the diffusion of the will of Silvio Berlusconi, who left control of the Fininvest holding to his children Marina and Pier Silvio with 53%. Mfe (about -2.5% for both), Mondadori (-2.5%) and Banca Mediolanum (-2.6%) shares were down.
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