Another start in the red for the European lists, which open down in the wake of the declines in Wall Street and Tokyo. In mid-morning the Stock Exchange of Milano it leaves 1,5% in the field and returns below 20 thousand points. Bad too Paris (-2,3%), Frankfurt (-2,3%) And London (-1,7%).
On the Ftse Mib all securities travel below parity, except that of bpm, which travels around parity on expectations for a possible merger with Banco Popolare (-1,4%) or, less likely, with Where's Banca (-2,8%).
The most penalized actions are those of fca, which, return to the volatility auction, and have come to lose 7,7%. The share, already heavily penalized yesterday on Wall Street with a drop of more than 4%, has lost more than 18% since the close of January 5, in the aftermath of the spin-off and listing of Ferrari on Piazza Affari (-1,92%) . Also, FCA has lost the speculative appeal on possible M&A transactions after the number one Sergio Marchionne has cooled the expectations on possible operations in the short term.
Today, to make the sentiment worse, an article from Automotive News according to which two US sellers have allegedly sued FCA for falsifying monthly car sales. FCA would have paid incentives to dealers to carry over inflated and then reversed car sales to the beginning of the following month. Mike Palese, an FCA spokesman in the US, said the summons had not yet been served and therefore no comments can be made until the allegations can be read. According to an operator, the extent of the story cannot be quantified at the moment. An analyst also points out that incentive practices are quite widespread in the US.
Very bad in Piazza Affari too Salvatore Ferragamo (-4,11%), Yoox Net-A-Porter (-4,07%), Exor (-3,97%) And Finmeccanica (-3,31%).
The sell-off came after the indexes of Wall Street they broke some important psychological thresholds: the index S & P 500 (-2,5%) fell below 1.900 for the first time since September. The Dow Jones it lost 2,21%. Worse did the Nasdaq (-3,41%) as well as the Russell 2000 index, the index dedicated to small and medium enterprises.
Many drops around 4%, including Goldman Sachs and various technologies. Down 5% too Ford, which will also distribute an extraordinary dividend of $1 billion. Down too Amazon (-5,8%).
Two factors in particular favored the landslide. First, the unexpected increase in crude oil inventories US weekly newspapers, which unexpectedly rose by 234 barrels, caused a sudden turnaround in the price of oil. Both Brent and WRI fell below $30 for the first time since 2004.
Second, the effects of the drop in oil and China's weakness are also starting to make themselves felt on the US locomotive: from the Beige Book, the report on the state of health of the American economy, it emerges that the business has grown “at a modest pace”. Given these data, the Fed is very likely to forgo rate hikes in the near future.
Another session in red also for the Stock Exchange Tokyo after yesterday's close higher. The Nikkei index marks a sharp drop of 2,68% to 17,240.95 points (-474.68 points).
Closing sharply higher, however, for the Stock Exchange Shanghai, with the Composite index gaining 1,97% to 3,007.65 points.
On the foreign exchange front, the euro it is worth 1,086 dollars (1,0849 at yesterday's close) and 128,20 yen (from 128,22 yen), while the dollar/yen ratio is at 118,06 (118,21).
Il Petroleum this morning it is on the rise but still below the threshold of 31 dollars: the Wti is traded at 30,74 dollars a barrel, an increase of 0,85%.
