The Milan stock exchange's FTSE Mib
was down by over 7.5%, with over 60 billion euros in
capitalization going up in smoke, just after the half-way mark
of Friday's trading, similar to the 7.57% loss it endured on
September 11, 2001 after the attack on the World Trade Center in
New York.
It was not, at the time of writing, the worst session since
then.
The index lost 12.48% after Britain voted to leave the European
Union on June 24, 2016, and 8.24% on October 6, 2008, after
Lehman Brothers went to the wall.
The Milan bourse had already lost 3.6% of its value on Thursday
after Trump on Wednesday announced the tariffs, including a 20%
hike on the duties on EU imports.
Bank and finance stocks were hit especially hard again on
Friday, with the share prices of MPS, Banco BPM and Popolare di
Sondrio losing over 11%.
UniCredit and Mediolanum were down 10%, while Mediobanca and
Intesa shed 9%.
The spread between Italy's 10-year BTP bond and the German Bund
rose to 121 basis points from 112 on Thursday, even though the
yield on the BTP fell to 3.72% from 3.77%.
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