The confidence of the Germans collapses after the Volkswagen scandal. The Zew index fell to 55,2 from 67,5 in the previous month, below the forecasts which indicated 64. The drop in the data on future expectations was even more drastic, finishing at 1,9 from 12,1 in the previous month .
The Frankfurt Stock Exchange drops by 1,4%, Paris loses 1,6%, in Milan the FtseMib index improves during the morning to -0,72%.
The euro was up slightly against the dollar to 1,137 from 1,135 at last night's close.
The sectors most affected by sales in Europe are Automotive -2,7%, raw materials -2%, banks -2%.
The session was also complicated by the disappointment for Chinese trade data: the sharp drop in imports is worrying - 20% while exports have decreased by only 3,7% per year.
Oil recovers slightly after yesterday's 5% drop: Brent is still weak and loses 0,6% to 49,8 dollars a barrel, Wti is traded at 47 dollars (+0,1%).
The drastic fall in crude oil is felt by companies in the sector: Eni down 1,1%, Saipem -1,7% Tenaris -0,7%. Enel drops by 0,8%.
Among the banks, Unicredit e Understanding both lose 0,8. Mount Paschi -1%. Back off Fiat Chrysler-1,7%. From the prospectus sent to the Sec, the US authority for the Stock Exchange, it emerges that the Ferrari operation (IPO of 10% and spin off of the stock) will bring FCA a proceeds of 4 billion dollars.
One billion will come from the placement of 10% of the horse, to which must be added the 3,2 billion dollars (2,8 billion euros) that Ferrari will pay directly to FCA. With these resources FCA will be able to meet 2,1 billion FCA Notes maturing in April 2016.
Among other industry titles, Finmeccanica drops by 0,2%, StM loses 1,1%. Heavy Industrial Driver's License -2,9%.
Among the banks, Unicredit -1,9% Understanding -1,5% MontePaschi -3,2%.
Down for the third consecutive day Mediaset – 1,2%. The stock is penalized by the new developments in the investigation into the assignment of television rights to Serie A matches in the football championship for the period 2015-2018.
The Milan Public Prosecutor's Office searched the Milan headquarters of the Football League on Friday, the hypothesized crimes are those of bid rigging and disturbing freedom of auctions. Among the suspects there are also two executives of RTI, of the Fininvest group.
Telecom Italy -1,6%.
Finally the luxury. The market did not like the results, albeit positive ones LVMH –2,8%.
In Milan Moncler loses 2,5%, positive Yoox + 1,2%.
