Europe in sharp decline with the banks, Milan black jersey – Corriere.it

The European stock exchanges worsened reflecting the fear of economic growth, also weighed down by the situation of the banking sector. The shares of the banks are sold with both hands (in the crosshairs today Deutsche Bank is in the red by 12%, while in Paris SocGen loses almost 7%), also on the fear that the institutions are experiencing a drying up of deposits, given that the investors invest their money in government bonds, which now boast generous yields. In the United States, in the week ending March 22, there was a run on “money” funds, with deposits reaching a record figure of 117.4 billion dollars, according to data from the Investment Company Institute ( here). Total assets thus reached $5.132 billion, an unprecedented level, compared to $5 trillion in the week to March 15, another record high. Already in the week ending March 15, about $120.93 billion of fresh money had been placed in the funds. This is the largest influx since April 2020 based on ICI data.

European stock exchanges

Frankfurt marks a fall of 1.92%, Paris of 2%, Amsterdam of 1.5%, London of 1.7% and Madrid of 2.35%. The latter is the worst with Milan, which suffers a decline of 2.4%.

Business Square

Fears about the growth of the economy and also about the stability of the banking system continue to weigh on Piazza Affari. In Milan, in fact, the shares of the banks are in sharp decline: Unicredit loses -3.90%, Intesa leaves 2.61% on the ground and Banco Bpm 3.97%. Negative session also for energy (-2.7%), with the price of oil down. Sales also on cars (-2.3%) with Renault (-3.6%) and Volkswagen (-3.2%). Utilities are down (-1.1%) (here the stock market performance in real time). In terms of government bonds, the yield on the Italian ten-year bond stands at 3.97%, with a drop of 8 basis points. The German Bund also fell, dropping 11 points to 2.07%. The spread between Btp and Bund continues at 190 points (here the trend of the spread in real time).

Asian bags

Asian stocks closed lower held back by fears of a global economic slowdown and concerns of a banking crisis. Hong Kong’s Hang Seng index closed the session down 0.7% to 19,915.68 points and the Shanghai Composite index dropped 0.6% to 3,265.65 points. Seoul’s Kospi was also down, dropping 0.40% at 2,414.96 points. The Tokyo stock exchange closed slightly down on the day in which the slowdown in February of Japan’s “core” inflation was recorded, which slowed to 3.1%, after rising to 4.2% in January, the top from 41 years old. The Nikkei index retreated 0.13% to 27,386 points, while the Topix trimmed 0.10% to 1,955 points.

Power

Wti fell by 1.7% to 68.78 dollars a barrel and Brent to 74.77 dollars (-1.5%). The price of gas drops by 1% to 42.7 euros per megawatt hour. Gold, the safe haven asset par excellence, rose, with prices rising by 0.4% to 1,986 dollars an ounce.