New collapse on the Stock Exchange: Milan -3.54%, among the banks bursts of suspensions
Yesterday's pause turned out to be illusory and this morning on the Milan Stock Exchange – as in the other European financial markets – sales have resumed, above all on bank securities but extended (to a lesser extent) to other segments of the list, given that the Credit holds everyone else's purse strings, and a credit crisis can herald a general recession. At the moment, the Ftse Mib index is losing 3.54% and we note the heavy losses of the shares of some banks, which have suffered suspensions due to excessive reductions: in particular Mps (-7.2%), Unicredit (-7, 8%), Intesa Sanpaolo, Banco Bpm (-6.5%), Bper (-5.9%) , Fineco (-6.2%).
The problem arises from the bankruptcy of two American banks, whose activities were related to the technology sector and virtual currencies. In theory, the problems of institutions of this kind should not extend to the credit system in general, but the banks have intertwined activities and it is not easy to know in advance how much the business of one is interconnected with that of the others, therefore many investors, fearing the worst , ease their positions in the banking sector by selling stocks. After all, even a giant like Crédit Suisse, very far from California from which the market shock started, has serious liquidity problems and this gives rise to fears that unmentionable flaws are hidden in the balance sheets of many institutions around the world.
The intervention of the American federal government to protect the savers of the two bankrupt banks does not solve the problems of the system, furthermore the policy of high interest rates pursued by the central banks, although justified by the need to stop inflation, aggravates the problems of all the banks. This reduces their ability to provide credit to companies in every sector and increases the risk of a recession that was announced last fall, then has not materialized, but could be close.