The day anticipated to be negative in the markets and it did. First in Asia, then in Europe and now on Wall Street, global squares are painted “red”. It was a Monday of sharp falls in every street in Europe, with the Lisbon Stock Exchange head to recording the largest decrease of 5.22%. None of the currently 18 companies listed on the PSI-20 escaped.
The PSI-20 has even slipping 6.16% to finally close with the biggest devaluation since the 2013 political crisis, when Vítor Gaspar and Paulo Portas resigned.
Monday, who else felt the clash in Lisbon square was the BCP, whose shares fell 11.1%, falling to 0.0752 euros. Bit behind were the Pharol (formerly PT SGPS), losing 10%, and Mota-Engil, down 9.16%. Among the biggest falls, soon after, they closed the other two banks operating in the PSI-20. The titles of Banif fell -8.82%, going to be worth 0.0062 euros, while BPI shares fell -8.45% to 1.007 euros.
In Europe, Milan also dropped over 5% or so ago was the Madrid stock exchange, retreating 4.56%. The selling pressure was lower in the actions of the squares of Paris and Frankfurt, but no longer significant, with decreases of 3.74% and 3.56% respectively. The negative sentiment extended to the City of London, where the decline was 1.97%, and reached Wall Street, where the major indexes are down. The Dow Jones lost 1.24% and the Nasdaq down 1.38%.
Eduardo Silva, the XTB manager, tells PÚBLCIO that uncertainty is so much about what will happen after that no scenario It should be taken for granted. “I think the rates could fall even more than we have seen today, while interest will really feel the pressure. For now, the feeling is containment and the downward movement of European indices may climb in a dramatic way, before a total breakdown scenario. “In this most critical scenario of risk aversion, points out,” the PSI-20 one of the most targeted indices. “
This pressure also happens in the debt market in relation to the economies in the euro crisis peaks, were more vulnerable. “The bonds of peripheral countries follow the swing high. With the latest developments there is a lot of uncertainty, what looked like a definitive removal scenario quickly evolved into uncertainty in which no scenario seems definitive, “notes Eduardo Silva.
The Greek debt interest rates with a maturity of ten years surged on Monday, rising to 15% when last Friday the titles were 11.16%
The pressure in the secondary market -. where investors they exchange debt securities of States or manifest exchange of intentions without ever materialize them. – intensified immediately on the other peripheral countries, although less sharp rises
The interest rates on Portuguese debt climbed to third, 08% at the end of the day, against 2.718% on Friday. The same happened with the titles of Spain (2,358%) and Italy (2,395%), contrary to what was found with the German debt (reference market) and Irish, who negotiated falling.
What happens to the Portuguese debt this context of uncertainty? Filipe Silva, asset management director of Banco Carregosa, note that the rise of Portuguese interest does not compare with the situation stress in Greece, but stresses that the uncertainty generated does not anticipate the way the markets in the coming days.
“Interest on the debt of Portugal, Italy and Spain are rising. Debt interest of other European countries are rising. Why? The countries of southern Europe may be the ‘ next in the row ‘, while the rich countries reinforce its role as refuge and are in debt interest down. Interest to ten years in Portugal are around 3%, with a 25 basis points rise. Debt to six years rose from 1.79% to 1.95%. . It is a slight increase, nothing to compare to other situations of stress on Greece, but it is still an increase of interest “Filipe Silva choose an image to describe the situation in the markets,” How the referendum on Sunday, and even a few days later, the uncertainty is such that it seems a lottery. “
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