GERMAN CONFIDENCE COLLAPSES. STOCK EXCHANGE BELOW 19 THOUSAND PB. ROTOLA LUXOTTICA, HEAVY LUXURY AND MANAGEMENT
The dreaded flood of coercive news has taken place. The Zew index on German confidence plummets, for the first time below zero since 2012 to -3,9%. Meanwhile, industrial production in the eurozone fell by 1,8% in August. Finally, the fall in inflation in Italy worsens: -0,4% in September, -0,2% the annual trend.
In Piazza Affari, the Ftse Mib index fell by 1,33% to 18,883 points, the lowest since August. The other European lists fell: Paris -0,97%, Frankfurt -0,72%, Madrid -0,93%. London -0,71%. The good news comes from the public debt which decreased by 20,5 billion in August to 2.148,4 billion. The Btp/Bund spread rises to 148 points.
The euro weakened against the dollar to 1,266 from 1,275 at the close. The descent of oil does not stop, Brent trades at 87,9 dollars a barrel, down 1%, which is at its lowest level in the last 4 years. The Luxottica crisis is still taking center stage in Milan: -4,2% to 35,79 euros, after being suspended due to excessive reductions at the theoretical price of 35,4 euros.
Yesterday the board split and the appointment of general manager Massimo Vian to replace the outgoing CEO Enrico Cavatorta was missed. The president Leonardo Del Vecchio has been appointed CEO ad interim. In luxury, Ferragamo also falls -5%. The sector was dragged down by Burberry, one of Europe's biggest losers: the British luxury brand fell nearly 4,2% after it said market conditions were getting tougher. Other securities also affected: Lvmh -1,6%. Also in the fashion sector, the British handbag manufacturer Mulberry leaves behind more than 16%.
Among the banks in decline Unicredit -1,7%, Banca Popolare di Milano -2%. Strong decline in asset management securities: Azimut -3,48%, Mediolanum -3,09%. FCa falls -2,12%.
