European stock markets are experiencing a significant downturn as trade tensions between the United States and China escalate. Milan`s stock exchange is particularly affected, with the FTSE MIB index falling by 2.75% to close at 32,730 points amidst widening spreads.
Trade war sinks European stock markets: Milan (-2.75%). Paris is the worst performer.
The German market is also heavily impacted, with Frankfurt`s DAX index plummeting by 3% to 19,670 points. Paris faces an even more severe situation, as the CAC 40 collapses by 3.34% to 6,863 points. London`s FTSE 100 is also down by 2.92% to 7,679 points, while Madrid`s IBEX experiences a comparatively smaller decline of 2.22%, closing at 11,797 points.
The spread between Italian BTP and German Bund bonds continues to rise, reaching 129 points, with the yield on the 10-year Italian bond settling at 3.88%. In contrast, the Euro is gaining ground against the US Dollar, increasing by 0.84%. Gold is having a notably positive day, surging by 3.39%, while oil (Light Sweet Crude Oil) is undergoing a dramatic session, trading at $57.41 per barrel, a decrease of 3.64%.
Almost no stock in Milan is spared from losses. The energy sector is among the hardest hit, with Saipem falling by 7.42%, followed by Recordati (-5.53%), Eni (-5.52%), and A2a (-4.67%). The industrial sector also suffers significant losses with Tenaris (-5.51%), as does the automotive sector with Stellantis (-5.46%). Unicredit shows relative resilience among banks with a contained decrease of 0.18%, while Mediolanum is the worst performer in the sector (-4.08%). Other stocks under scrutiny include Generali, down by 4.25%, MPS by 2.72%, Mediobanca by 2.30%, and Tim by 2.82%.
Among mid-cap Italian stocks, WIIT (+1.02%) and Moltiply Group (+0.66%) stand out positively. Conversely, Intercos (-6.15%) and Ferragamo (-5.81%) experience sharp declines.
In the listed football sector, Juventus loses 2.56%, while Lazio stands out positively with an increase of 2.43%.