Stock market: bad Milan (-1.9%) with banks, Tod’s rally

Stock market: bad Milan (-1.9%) with banks, Tod’s rally
Stock market: bad Milan (-1.9%) with banks, Tod’s rally

MILAN, 18 JUN – Falling week end for Piazza Affari (-1.9%), in line with the other main European stock exchanges and with the performance of Wall Street, after the prospects given by the Fed for a rate hike before 2023 had already weakened the markets. In Milan, where the BTP-Bund spread closed up at 107.3 points, with the Italian ten-year yield rising to 0.87%, the banks suffered a lot. Male Unicredit (-4.3%), Intesa (-3%) and Bper (-2.2%), a little less Fineco (-1.8%) and Banco Bpm (-1.3%). Worse than the Ftse Mib was Stm (-4.4%) for semiconductors, the day after the shortage of microchips also led to plant closures of well-known car brands. And in this regard, the sector did badly, with Stellantis (-2.9%) fully in the wake of other European companies. Cnh was also down (-3%). Nothing good for oil, despite the rise in crude oil (wti + 0.8%) at $ 71.6 a barrel. Male Eni (-2.9%), Saipem (-1.8%) and Tenaris plant engineering (-1.6%). Among the heavy stocks Pirelli and Poste (-2.5% both), something better Tim (-1.9%) and Atlantia (-1.4%). Overall, luxury went against the trend, even if Moncler went into the red (-0.8%) and, among the smaller capitalization stocks, the closing was flat for Ferragamo (+ 0.08%), while Cucinelli gained (+1 , 3%) and Tod’s continued the run that started in the morning (+ 13.3%), also driven by UBS’s bullish comments on the sector at a conference he attended. In the bad clothing Ovs (-6.7%), despite the improving accounts. Among pharmaceuticals, Diasorin did well (+ 1%) and utilities held up quite well, in particular A2a (+ 0.03%), a little less Italgas (-0.3%) and Hera (-0.4 %). (HANDLE).

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Stock market bad Milan banks Tods rally

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