Milan Stock Exchange down (-2%) with Europe and banks – Economy

After a downturn due to recession fears in the US, Sales stream expands, With a downturn on all European stock exchanges: Piazza Affari in a very uncertain context fell by more than 2%, with Frankfurt and Paris at the same level.

in Milan Saipem’s downturn is always particularly violent, with banks under pressure. Unicredit loses 5%, and MBS and Intesa lose four percentage points. Government bond yields fell (BTP at 3.34%), with the spread rising a few points to 192 due to a greater easing of tension on German bonds.

The Moscow Stock Exchange is falling By mid-morning about 6% in the Moex indices in rubles and Rtsi in dollars. In addition to the drop in GDP of more than 4% in May, the drop in Gazprom’s stock by more than 20% is taking its toll. According to Bloomberg, the shareholders of the Russian gas giant did not agree to the dividend. The weakening of the ruble against the euro, it fell in a very volatile climate about 5% at 55. The Russian currency is more stable against the dollar, trading at the level of 52 rubles for one dollar.

At the European Parliament hearing, Andrea Enria, chair of the European Central Bank’s Supervisory Board, warned that the current context is characterized by: Bigger fluctuations and lower stock valuations, as markets predict that banks’ profitability and asset quality could be affected by negative macroeconomic developments. Presentation of macroeconomic forecasts for ES staff in June 2022 For the first time, a bearish scenario which includes a Possible recession in 2023 In the wake of disruptions to the energy supply in the eurozone.

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