MILAN STOCK MARKET yields 6% on the heels China, back to levels earlier this year – Reuters Italy

       

MILAN, August 24 (Reuters) – Black Monday on the Milan Stock Exchange, which closed the session with a decline of nearly 6%, the worst daily decline since November 1, 2011 , returning to the levels of the beginning of the year.

       

The indices of Milan, as well as other European markets and overseas, were affected by the fall recorded by Shanghai (-8.5%), which has fueled investor fears for the health of the Asian giant and sparked Sales in the markets globally.

       

In the wake of the opening of Wall Street sharply lower, the FTSE Mib has come to lose more than 7%, to 20,158.22 points, the lowest since January, with moments of ‘panic selling’ and more than half the securities in the basket volatility auction. The main basket then attempted a slight rebound, slightly reducing losses.

       

“What will tomorrow it all depends on the closure of Wall Street,” says a trader. At around 17.50 the Dow Jones sells 1.6%, the S & amp; P 1.8% and the Nasdaq 1.4 %%, in recovery after early losses.

       

The FTSE Mib closing left on the ground 5.96% to 20,450.43 points. The AllShare lost 5.7%. Strong volumes, for a total of 5.8 billion euro. The European benchmark FTSEurofirst provisionally closed at -5.39%.

       

The sell-off hit all the headlines and especially those related to energy, that are affected by the sharp drop in crude oil prices (Brent crude fell to $ 42.51 a barrel and around 17, 55 gives 4.4% to $ 43.44). ENI has left on the ground the 7.98%, 9.61% TENARIS, SAIPEM 6.27%.

       

Among the most affected sectors are also more exposed to China, namely cars and luxury. CHRYSLER FIAT has lost 7.76%, 6.44% and FERRAGAMO on YOOX 6.82%.

       

Minus sign for all BANK, with a -7.07% of MPS.

       

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