Bitter Epiphany: Asia and oil sink the Stock Exchanges and Piazza Affari (-2,6%) is the worst

The heavy losses of Mediolanum, Fca, Exor, Saipem and Anima drag Piazza Affari to hell, which loses 2,6% and is the worst list in Europe. FCA pays for the collapse of Brazil. The further Chinese slowdown, the devaluation of the yuan and the new drop in the price of oil underlie the nervousness of the markets that have suffered since the beginning of 2016

Another day of passion for handbags comes to a close, starting from Piazza Affari.

The Milan Stock Exchange archives Epiphany day with a loss of 2,67%, more than double compared to the other European markets, with a strong recovery towards the end. TO Paris, the Cac 40 index slipped by 1,26%, in Frankfurt the Dax30 by 0,93%.

Wall Street is also moving sharply down after China allowed its currency to devalue again and on the drop in crude oil prices. The S&P500 fell by 1,3%, along with the Dow Jones and Nasdaq.

The fears raised by North Korea's hydrogen bomb and, above all, the new alarm for Chinese economic data conditioned the session at all latitudes. The People's Bank of China set the official exchange rate for the yuan at a 4-and-a-half-year low, while the PMI index showed that the services sector grew at the lowest rate in 17 months in December.

Oil suffers which sees one of the most important consumers, China, weakened. Wti loses 3%, while Brent loses 4% to 35 dollars, it is the lowest level since 2004. Uncertainty continues to reward gold which scores the third rise in a row and goes as far as 1.088 dollars an ounce, the highest since November.

In the evening, the minutes of the last meeting of the Fed, the one in which the rate hike was decided, will be released. In the meantime, good indications are coming from the US macro data: the US composite PMI improved, rising to 54 points in December from 53,5 in the previous month; the trade balance deficit also decreased to -42,3 billion dollars in November from -44,5 in the previous month, above expectations.

In Piazza Affari the thud in the afternoon of Fiat Chrysler is impressive -5,2%, in the wake of the publication of poor sales figures in Brazil.

Ferrari, after an effervescent morning, closed slightly up by 0,02%. Cnh - 1,88% also loses momentum. The most affected sectors, however, were luxury and banks.

Back off Montepaschi, the most vulnerable bank, – 3,6% to new all-time lows, Unicredit -4,05% Understanding -2,7%. It's even worse at the Popolari: Banking Pop. Milan -3,9% Popular ofEmilia Romagna -4,4% Banco Popular -4,3%.

In luxury Ferragamo -2,8% has left more than 2016% on the ground since the beginning of 10. Also declining Moncler-1,1% and Yoox . -2,6%. In Hong Kong yesterday Prada lost 5%.