MILANO – The tax on the extra profits of the banks surprisingly approved by the government yesterday sends the banks to sink in Piazza Affari, with the titles close to double-digit reductions. Among the most penalized Bper e bpm bank but sales affect all institutes in an undifferentiated way. Also noteworthy on the markets is the collapse of Chinese exports in July, with exports registering a -14.5% on an annual basis.
Key points
09:38
The banks in Piazza Affari sink
09:38
The banks in Piazza Affari sink
The surprise move by the Meloni government which taxes the extra profits of the banks is immediately discounted by the securities on the stock exchange. Bper (-11%) and Banco Bpm (-9%) sink but all listed on Piazza Affari suffer. Intesa Sanpaolo sells 7.2%, Unicredit 5.9%, Mps 6.4%, Finco 5.49%, Mediolanum 4.9%, Mediobanca 3.37% and Banca Generali 2.84 percent.
09:10
European stock markets open sharply down
Deep red for Piazza Affari, which a few minutes after the start of trading sinks to -1.89% with the Ftse Mib at 28,007 points. The other European stock exchanges are also in negative territory: Frankfurt loses 0.39%, London 0.15% and Paris 0.34%. On the Asian market, Tokyo closed at +0.27% with the Nikkei at 32,353 points.
08:35
Chinese exports collapse in July
Both China’s exports and imports sank more than expected in July, dropping by 14.5% and 12.4% respectively on an annual basis, fueling new doubts about the stability of the economy. According to data released by Chinese Customs, the trade surplus for the month stands at 80.6 billion dollars, over the 70.62 billion in June and the 70.6 billion expected in July. Exports, in particular, suffer the worst contraction since 2020 compared to -12.4% in June and forecasts of -12.5%. While imports drop more than -6.8% in June and analysts’ projections of -5%.
2023-08-08 10:47:00
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