Morning in deep red for the European stock exchanges. The FtseMib index -1,7% accelerates the decline to 12. Frankfurt, Paris and London also lose more than 1,6%. The best is Madrid - 1.13%.
The yield of the 10-year BTP falls to 1,48% with the spread contracting to 95 basis points.
This morning, a new Asian unknown factor added to the already known geopolitical and financial weaknesses: North Korea detonated a thermonuclear bomb in the night, the first to use hydrogen.
Meanwhile, oil returns to suffer: Brent - 2,3% to 35,6 dollars, the lowest level since 2004. The new signs of crisis in the Chinese economy, this time coming from the services sector, weigh more heavily. Holds the Shanghai Stock Exchange, thanks to the purchases of the public front. But the yuan is at its lowest since 2004. Meanwhile, the yen is flying against both the dollar and the euro (1,0727 against the US currency).
Uncertainty continues to reward gold, the dollar and government bonds.
Euro Dollar cross down to 1,074 from 1,078 yesterday.
Gold scores the third rise in a row and goes up to 1.082 dollars an ounce.
On the corporate front, the rebound of Volkswagen (now -0,1%) triggered by the press conference in Las Vegas by brand manager Herbert Diess, who said he was convinced he could find "an acceptable solution" in the lawsuit brought by the US against Wolfsburg.
Forward against the trend Orange +0,6% in Paris after confirmation of the resumption of talks Bouygues Telecom for a possible merger which would lead to the creation of a company with over 50% of the fixed and mobile lines on the French market.
Telecom Italy loses 1,3%.
In Piazza Affari it only advances Ferrari +3,4%, to the third consecutive increase. Since the beginning of 2016, the stock has gained 5% against the -3,5% recorded by the FtseMib. The price corresponds to approximately 49,55 dollars, a value still lower than that of the placement on Wall Street which took place last October 20 at 52 dollars.
Down instead Fiat Chrysler – 3,3%. This morning, Goldman Sachs analysts adjusted the target price following the spin-off of Ferrari, bringing it to 13 dollars (12 euros) and confirming the stock in its Conviction Buy List, the list of stocks to buy without a doubt.
All sectors lose ground, starting with luxury.
The most negative news arrives in Hong Kong: this morning Prada accused a 5% decline in the stock exchange of the former British colony. In three sessions, the stock has lost more than 216% in 10, after a 45% drop in 2015. Compared to the highs of 2013, the loss is 70%. The situation is made worse by Beijing's decision to devalue the yuan, thus making the purchase of luxury goods more expensive.
Chinese data also weighs on other stocks in the sector. In Paris Lvmh -2,8% back to lows since August. At Piazza Affari Ferragamo, in the fourth consecutive drop, slipped to new 12-month lows at 20,03 euros. Since the beginning of 2016 it has lost 8%. Down too Moncler -1,5% Tod’s -1,3% Brunello Cucinelli -1,5% Luxottica -1%.
Even the oil companies are bad: Eni -2,3% Saipem -2,6% Tenaris-3%.
Utilities hold better: Enel -1,2% Snam -0,9% Terna -0,8% Enel Green Power -1,2%.
Among the banks continues the landslide of Montepaschi -3,2% to new historic lows.
It also moves back Unicredit -2,2%. This morning Jp Morgan analysts cut the target price on the stock to 4,9 euros from the previous 6,1 euros. Understanding -0,6%.
Populars down: Bpm -1,5%, Popular Emilia Romagna -1,3% Banco Popular -1,3%.
Stocks of asset managers also fell, despite the positive data on inflows: Azimuth -3,6% Banca Mediolanum -3,6% Anima -3,8%. The decline is more limited Post-0,9%.
