Tensions between the United States and China put Tech giants on the stock exchange

2020-07-24T11:07:11.280Z

The new news coming from the indexes on business expectations are not enough to lift a negative day for stock exchanges. The Milan index dropped 1.34%, after falling more than 2% in the morning. The other European stock exchanges were also bad, especially Frankfurt (-1.48%) and Paris (-1.26%). Even worse were the Asian stock exchanges. The worst of all Shenzhen (-5%), the most exposed to the technology sector. The new tensions between the United States and China were the occasion for a strong downward correction in the prices of tech stocks. It was seen last night on Wall Street. The big names in American technology, Amazon, Apple, Facebook and Microsoft, fell by between 3 and 4 and a half percent. Tesla also dropped by 5%, despite having presented accounts much higher than analysts' expectations. The same goes for Microsoft. Technological stocks such as Stmicroelectronics are also down in Milan (-2.45%). Diasorin, Nexi and Pirelli, a company belonging to the Chinese group ChemChina, are among the biggest drops. Ubi Banca stands out in Piazza Affari. Yesterday his board of directors refused Intesa Sanpaolo's retouched offer. In the opening Ubi marks -1.9%; Intesa Sanpaolo -1.4%. The BTP / Bund spread remains below 150, at 148 basis points.