Pending the data on American employment, European stock markets are feeling the effects of the cut in German growth estimates by the Bundesbank. Milan dropped 0,5%, Paris 0,18%, London 0,33% and Frankfurt 0,6% despite the 1,8% jump in industrial production in Germany.
The German central bank cut its growth estimates for Germany in 2013 and 2014 noting that "much will depend on the stabilization of the euro area". The German central bank thus forecasts an increase in GDP of 0,3% this year against the 0,4% previously forecast and +1,5% in 2014 compared to the +1,9% of the old estimate. The Btp-bund spread remains above 280 basis points at 287.
Sales also in Asia. Tokyo finished down 0,21% after a volatile session as the dollar fell against the yen. Hong Kong lost 1,21% and Shanghai 1,39%.
In Piazza Affari, sales are concentrated on financials, with the Ftse Mib Fonsai at the bottom losing 3,10%, Unicredit 2,78%, BMps 2,38% and Azimut 2%. Finmeccanica is also down sharply. Autogrill, on the other hand, bucked the trend by +1,7% in the wake of the ok to the duty free separation process and after the Benettons said they were ready to dilute themselves in both companies. Gtech +1,33%, Fiat +1,01%. Recovery leaps by 5% after Luigi Zunino's confirmation of the takeover bid. "At the request of Consob, I confirm that I have presented to Risanamento and its main shareholders a proposal to purchase the company's shares - said Zunino - The offer, if accepted, would lead to the launch of a mandatory takeover bid on Risanamento shares".
