The tech on the stock market drops again. The spread rises to 104 points

2021-03-04T09:06:21.339Z

A negative start for the European markets, which follow the reverse geared in America and Asia. Milan, the Ftse Mib index, after yesterday's -0.16%, is down 0.23% today. In the rest of Europe, London -0.61%, Frankfurt -0.36%, Paris -0.14%. The balance from the beginning of the week for Milan, however, remains slightly positive (+ 0.6%). In the night from Hong Kong to Tokyo there were drops in the indices of over 2 percent, especially due to the decline in technology stocks, of Japanese giants such as Softbank and Chinese such as Alibaba and Tencent. It is a trend that comes from the United States, where the Nasdaq index of technological stocks was also down yesterday (-2.7%), the one that has risen by far the most since the beginning of the pandemic. Conversely, stocks most tied to the travel and banking sectors held, causing the Dow Jones to drop by just 0.39%. Futures on Wall Street indices are slightly positive today: + 0.03% for both the Dow Jones and Nasdaq futures. One key to understanding what is happening is to look at interest on 10-year government bonds, treasuries. Yesterday they rose again, at 1.47% (last week there was a peak of 1.6%). It is the mirror of two phenomena: on the one hand, expectations for an economic recovery, fueled by the good performance of the vaccination campaign in the United States, and by the imminent stimulus plan for the economy that is about to be launched by Congress. On the other, fears of a sudden increase in inflation. Rates on government bonds are also rising in Europe and Italy. The ten-year BTP yield rose to 0.73%, about 25 basis points higher than the low of mid-February. In Italy, yields are rising a little more than in Germany, so the spread rises to 104 basis points. Among the stocks in the main basket of Piazza Affari, greater rises for Tim (+ 2%) and Enel (+ 1.6%), greater falls for Ferrari (-1.4%) and StMicroelectronics (-2.37%).