Piazza Affari drops 1,1% to 21.668 points due to the banks and Mediaset (-4,5%), which is discounting the figure for Forza Italia, which is below forecasts. For the Milan stock exchange this is not a collapse, even if it is the worst of a Europe that is positive overall. The vote in Italy, with the uncertainties linked to the lack of a majority and the growth of parties considered less pro-European, is viewed with fear by operators. After the SPD gave the green light to a large coalition government in Germany, Frankfurt opened down but then turned positive (+ 0,1%).
The markets are not conditioned by political issues alone: fears remain over the announcement by US President Donald Trump regarding tariffs on steel and aluminum. After a bit of initial tension, which caused the yield on ten-year Italian government bonds to rise by over 2%, the waters calmed down also for the spread between btp and bund, which rose to 136 points, against the closing at 131 of Friday, with a yield of 1,98%. Even the euro does not seem to have undergone particular shocks: it changes at 1,23 against the dollar, substantially unchanged on the London square. In Piazza Affari, the vote had repercussions on the banks, with several stocks that were subject to downward suspensions. The institution most under pressure is Banco Bpm (-6%), followed by Bper (-5,8%), Ubi (-4,5%), Unicredit (-3%) and Intesa (-2,5 %). The 'state bank' MPS loses 3%. For the Italian market, "the main short-term implication is an expected increase in country risk - writes Intermonte - a widening of the spread of government bonds and pressure on the financial sector since the political manifestos of both the M5s and the Lega are clearly not friendly towards banks and financial institutions in general.