The slowdown in inflation in China conditioned the entire day of the stock markets which closed down in Europe while Wall Street was also in the red. Consumer prices in the Dragon settled at +1,6% in September, against the expected +1,8%, a slowdown which confirms that the economy is struggling to recover.
Milan closed down by 0,95% to 21.838,20, close to the day's lows, dragged down by luxury, one of the sectors most affected by fears about the Asian economy. Moncler sells 3,27% and Yoox 3,07%. Paris -0,74%, London -1,15% was also down despite the fact that the unemployment rate (ILO) in Great Britain, in the quarter ended in August, fell to 5,4% compared to 5,5% in the quarter ended in July. However, the figure is slightly below expectations (5,5%). Frankfurt loses 1,17%. In Berlin, the German government cut its forecasts for GDP growth in 2015 to 1,7% from the previous 1,8%. However, the forecast of a 1,8% increase in GDP in 2016 has been confirmed.
Furthermore, in August 2015 compared to July 2015, the seasonally adjusted industrial production figure fell by 0,5% in the euro area (EU19) and by 0,3% in the EU28. In Italy there was a decrease of 0,6 %. Istat then announced that the national consumer price index for the whole community (NIC), gross of tobacco, decreased by 0,4% on a monthly basis and increased by 0,2% on an annual basis , less than the preliminary estimate (+0,3%), recording the same trend rate as in the previous three months. Inflation acquired for 2015 drops to +0,1% from 0,2% in August.
Tokyo closed 2% lower after producer prices fell 3,9% in September, the steepest drop since 2009. On Chinese data, Asian stocks finished weak, Shanghai and Shenzhen both -0,2 %, Hong Kong -0,7%.
On Wall Street, the Dow Jones dropped 0,58% and the S&P500 0,41%. The season of the US quarterly reports does not heat up the sentiment, while the Beige Book, the report on the American economy from the American Central Bank, is expected in the evening. The market is waiting to understand how the Fed will move in the October rate meeting. On the US macroeconomic front, disappointing data arrived today. Inventories remained unchanged last August, while analysts expected them to grow by 0,1%. In September, US retail sales rose 0,1% from the previous month, doing worse than expectations which were for 0,2% growth. Lastly, producer prices fell by 0,5%. WTI oil drops 1,35% to 46,03 dollars a barrel, the euro-dollar exchange rate rises by 0,5% to 1,1436.
In Piazza Affari, sales hit not only luxury stocks but also Telecom Italia, Buzzi Unicem and Atlantia. Stm -1,59%. This morning the Dutch Asml, European leader in the production of chip printing machines, has communicated forecasts for the current quarter lower than expected. Energy and banks go against the trend. Enel Green Power +0,80%, Enel +0,6%. Bper +0,46%, Bmps +0,31%. Ansaldo is also highlighted
