Piazza Affari goes solo, banks are good, luxury is bad

2020-05-22T11:13:10.236Z

Market day sees the minus sign prevail. This is after news that China plans to introduce a national security law in Hong Kong. The spokesman for the Chinese National People's Congress said so. The stock exchange index of the former colony fell by almost 6%, the indices in Shanghai, Tokyo and Seoul were also negative. And even futures on Wall Street are, albeit slightly, down. The context is that of an already high tension between China and the United States. The US Senate voted in favor of a law on Wednesday that makes it more difficult to list companies that do not comply with US accounting standards, including many Chinese. Among the effects is the drop in oil: -4.5% for the North Sea Brent, now at just over 34 dollars a barrel. European stock exchanges also opened lower and all are except Milan, which has reversed its course, + 0.9%. Minus sign for London (-1.08%), Frankfurt (-0.4%), Paris (-0.3%). The banking sector in particular rose, + 2.93%. Today, data on applications for loans to companies with a state guarantee have been released. They came to 329 thousand, for a value of 15 billion euros. Among the securities, the highest rises for Unicredit (+ 4.2%), followed by Prysmian (+ 3.3%). Today, however, luxury stocks suffer, such as Moncler (-1.4%) and Salvatore Ferragamo (-1.4%), which have a very relevant market in Hong Kong and China.