Stock market falls for banks and cars Fears of an ECB tightening

2021-09-08T08:10:39.121Z

European stock exchanges started down: -1.05 for the Ftse Mib index in Milan, which yesterday closed down by 0.72%. In the rest of Europe -1.1% also for Frankfurt, Paris and Madrid, limits the damage London, -0.75%. Investors await the moves of the European Central Bank, which could announce the reduction in purchases of securities of the anti-pandemic program tomorrow. The central bankers of Germany, Austria and the Netherlands asked for this in recent days, worried by the growth in inflation, which reached 3% in August in the Eurozone. In this climate, the yield of the Italian BTP yesterday rose by 8 basis points. Today it drops by one point, as does the German Bund: the spread is stable at 108 basis points. In Europe, strong drops also for the auto sector. This is also the case for Stellantis, -2.50%,greater decline in the basket of the Ftse Mib today. Dongfeng, one of the main shareholders of Stellantis, sold a share of the group equal to 1.15% of the capital for approximately 600 million euros, at 16.65 euros per share. The Chinese group, which was among the shareholders of Psa before the merger with FCA, retains a 4.5% stake. In Asia, Tokyo did well during the night, + 0.8%. Chinese stock exchanges, on the other hand, are bad, with drops of around 0.3% in Hong Kong, Shanghai and Shenzhen, because investors are looking with concern at the Evergrande case: it is the second largest real estate company in the country, has debts of 305 billion dollars and has suffered a series of downgrades by rating agencies. The risk is that in the event of bankruptcy there will be a contagion effect for investors. This also includes the Zhang family, owner of Inter Milan through Suning, exhibited for theequivalent of 2.6 billion euros. Bitcoin also falls today, -3%, which yesterday had a slide of 11%; it is now at $ 45,360. They would appear to be taking profits after news that could potentially strengthen the cryptocurrency. That is, the decision by the government of El Salvador to include Bitcoin among those legal tender in the country.