In Milan the banks came under pressure (Mps lost 4.4%, Unicredit 4.1% and Intesa 3.4%), Leonardo (-3.5%) and Stellantis (-2.5%) . Atlantia lost 2.2%, paying exposure to the airport and motorway sector, while Autogrill collapsed (-6.8%)
Milan – The advance of the fourth wave of Covid in Europe also affects the markets, which fear the effects of new restrictive measures on an economic recovery that is already sailing in troubled waters, complicit in the rush of inflation and the expected abandonment of ultra-expansive policies by central banks.
Austria’s announcement of a 20-day lockdown triggered the alarm bell, sharpened by the statements of the German health minister, Jens Spahn, who did not exclude a priori the adoption of similar measures to deal with the upsurge of infections in Germany. The Vienna Stock Exchange had to wear the black jersey (-2.8%), accompanied by the lists of Eastern Europe but also by Madrid (-1.5%) and Milan (-1.2%), considered more vulnerable to the ‘economic’ risks of the virus despite a less dramatic health situation than that of the countries of Central-Eastern Europe. The euro is in trouble, updating the 16-month lows on the dollar, trading around 1.13, while oil has literally collapsed, which in New York has come to lose 3.5%, close to 76 dollars a barrel, due to the fear of new lockdowns just as the US and China have decided to release part of their strategic reserves.
On the stock exchanges, which recovered part of the losses thanks to the resistance of Wall Street, cyclical stocks, more sensitive to the economic trend, such as banks and cars, or those linked to tourism and mobility, such as companies, paid duty. airlines, tour operators or large hotel chains. While The shares of those who benefited from previous lockdowns have soared, such as the food deliveries Just Eat (+ 6.3%) and Deliveroo (+ 4.8%). In Milan the banks came under pressure (Mps lost 4.4%, Unicredit 4.1% and Intesa 3.4%), Leonardo (-3.5%) and Stellantis (-2.5%) . Atlantia lost 2.2%, paying exposure to the airport and motorway sector, while Autogrill collapsed (-6.8%), one of the companies most at risk in the event of new lockdowns. Government bonds, on the other hand, were unscathed, with the BTP-Bund spread stable at 120 basis points and the Italian ten-year yields down by almost 6 points, in the wake of the rush of investors towards the government bond market.
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