Crac Svb, European stock exchanges in red: Milan loses 4%

Black Monday for the European Stock Exchanges after the bankruptcy of the Californian Silicon Valley Bank : fears are growing that the crash   could spread throughout the global financial system.

Despite attempts to reassure the markets by US President Joe Biden, who explained that "no loss will be borne by taxpayers", Piazza Affari is losing 3.6%, with banks losing 8% on average (Bper is the worst with -10%), The spread between Btp and Bund rose to 194 points, while the Italian ten-year yield fell to 4.14%. Frankfurt is losing 3%, Paris 2.8% and London 2.3%. Wall Street also opened lower, with the Dow Jones shedding 0.83% and the Nasdaq shedding 0.85%.

"At the moment we do not see significant risks," explained the commissioner for the economy Paolo Gentiloni on the effects of the crisis of the US credit institution. Before the start of the Eurogroup meeting, he indicated to journalists that "we are in contact with the ECB to monitor the situation, we appreciate the decisions of the American authorities to avoid financial contagion in the USA and we note that European banks, all not only the largest apply the prudential standards of Basel, there is no direct contagion in Europe, the possibility of indirect contagion is limited, but we must monitor the situation".

(Unioneonline/F)