The white smoke in Athens, where an agreement was reached with international creditors (the Eurogroup was convened for Friday) was not enough to overcome the negative impact of the devaluation of the Chinese yuan and the disappointing data of the German Zew.
Sensitive losses a Business Square (-1,2%). Much worse a Frankfurt (-2,5%) driven by car stocks, penalized by news from Beijing. Down too Paris (-1,8%) and London (-0,9%).
Beijing's devaluation was also felt a Wall Street. Investors are wondering how the move could affect the timing of the US rate hike. The S&P500 index fell by 0,6%, the Dow Jones by 0,9%. Sales also on the Nasdaq which loses 0,5%. The exception is Google, which advanced by 6% after the corporate restructuring desired by Larry Page and Sergej Brin.
Luxury companies descend on Piazza Affari (for which the Chinese market is decisive): Ferragamo -5,4% Tod’s -2,9% Luxottica -2,3% Moncler -2,65%.
The decline in the European auto sector was heavy, falling by 3,2% with Volkswagen losing 3%. Sales in China are only 9% of turnover, but generate 22% of EBIT and 45% of pre-tax profit. BMW drops by 4,37% like BMW, Daimler -5,2%. Fiat Chrysler (-1,34%) for once benefited from low exposure to the Chinese market.
Finmeccanica loses 1,9%. This morning Goldman Sachs cut the rating to Neutral from Buy.
Among other industrialists, Industrial Driver's License -1,5% Prysmian -1,1%.
Beijing's choices have interrupted the rebound of crude oil: Brent again below 50 dollars. Eni -1,7%. Salt though Saipem (+ 0,45%). Saras (+4,86%), reaching new highs since January 2010.
Among the banks, Intesa Sanpaolo loses 0,57%. UBS raised its target price to 3,8 euros from 3,3 euros. Still in positive territory Ps (+ 0,6%).
