Banks plummeted in Piazza Affari, as well as in Europe, following the collapse of the sector on Wall Street.
The sharp decline in European stock indices is motivated by the tension on the American financial sector triggered yesterday by the collapses of Silvergate Capital (-42%), which will close Silvergate Bank, and SVB Financial, parent company of Silicon Valley Bank, (-60%) which is trying to raise over $ 2 billion in capital to offset losses on bonds. The performance on the list of the two financial groups has infected the large US banks.
On Wall Street, in yesterday's session alone, $52.4 billion of capitalization of the four largest US lenders (JPMorgan Chase, Bank of America, Citigroup and Wells Fargo) were wiped out.
In Milan, too, banking and asset management stocks paid the heaviest bill for the tension in the sector: Unicredit lost 5.3%, Intesa Sanpaolo, Banco BPM and Bper over 4%, MPS 4.8%, Finecobank fell by 4.7%, Banca Generali and Azimut by 4.4%.
(GettyImages)
Unicredit bank
Only energy infrastructure groups such as Italgas (+1.5%), which yesterday published its 2022 accounts, Snam (+0.8%) and Terna (+1.2%) hold up. Other sectors considered defensive are also afloat, starting with the pharmaceutical/medical sector (Diasorin, Amplifon and Recordati).