The collapse of the lists does not stop under the fears of global growth. WTI oil falls by 7,05% to 45,73 dollars a barrel. The main European markets recorded drops above 2%: Milan -2,24%, Paris -2,40%, Frankfurt -2,38%, London -3,03%. Moscow -3,425 after mid-day technical problems caused a suspension of trading for about an hour.
The sales started after the negative data on Chinese manufacturing activity, which slowed down significantly in August and to a three-year low, which also knocked out Chinese markets with Shanghai down by 1,23%. Furthermore, the IMF has revised its expectations on world growth downwards: in a speech in Indonesia, the director general of the International Monetary Fund Christine Lagarde declared that world growth is expected since the Washington institution to be at a more moderate pace than anticipated estimates in July due to two concomitant factors, the lower than expected recovery in developed economies and a further decline in emerging economies and especially in Latin America.
The USA was also down where, after the sell-off triggered by Chinese data, disappointment was added for the American ISM index: the ISM manufacturing index fell to 51,1 points in August from 52,7 the previous month against expectations of analysts of a confirmation at 52,7 points. On the other hand, construction spending in the United States did better than expected, rising by 0,7% last July, reaching its highest level since 2008 and above the 0,6% expected by experts. At the close of Europe, the Dow Jones dropped 1,98% and the S&P500 1,81%. The afternoon sell-off in futures prompted the New York Stock Exchange to invoke Rule 48 again after the August 24, 25 and 26 sessions. Rule 48 makes it possible not to disseminate prices in view of the opening of trading and facilitates the start of trading on potentially volatile days. Under the spotlights of the Yahoo market which is giving ground after the CEO Marissa Meyer has announced that she is pregnant with twin girls. Sales also on petroleum products. The euro-dollar exchange rate rose by 0,49% to 1,1266.
In this climate, the Ftse Mib is unable to benefit from the upward revision of the GDP in the second quarter to +0,3% (from +0,2%) communicated today by Istat and from the drop in the unemployment rate in July to 12% , to its lowest level for two years.
In a tweet, Economy Minister Padoan confirmed the year-end estimate of 0,7% growth, commenting: “The economy is growing, unemployment is falling, the number of employed is increasing. Now consolidate and accelerate, but the direction is right". The Btp/Bund spread closed stable at 119 basis points.
In Piazza Affari, sales mainly affect luxury goods and banks. Yoox sells 4,4%, Moncler 3,53%. Among the worst stocks of the Ftse Mib also Bpms -4,27%, Unicredit -3,43%. Azimuth -3,66%. Eni loses 1,71% despite the discovery of a large gas field in Egypt which had triggered the initial purchases. Countercurrent at the top of the Ftse Mib only the Bper which snatches a +0,13% and closes the only blue chip positive.
