From today Matthias Mueller, 62-year-old president of Porsche, will try to regain the credibility of the German car group Volkswagen hit by emissions tampering scandal. The new CEO was appointed after markets closed last night, following another day of strong selling for Volkswagen stock. Even the European lists have to count their wounds, hit by the four-wheeled tsunami, which has accentuated fears of a forthcoming recession and struck Germany as the engine of Europe at the economic and political heart. But it could have been worse.
In the weekly balance sheet, the Ftse Mib limited losses below 1% to -0,83%, as well as London managed to end the week evenly. Clearly more affected are the squares most exposed to the auto sector such as Paris -1,23% and Frankfurt -1,72%, the epicenter of the four-wheel tsunami. However, the worst among the platonic of the main European lists was Madrid -3,3%. In the same days Volkswagen left about 20% on the ground.
Looking at how the week had started, in fact, one could fear a worse collapse even for the price lists. On Black Tuesday of the Vokswagen cyclone alone, Piazza Affari closed at -3,3%, Paris -3,4% and Frankfurt -3,8%, Madrid -3,11%, London -2,83%. After the discovery of the rogue software to reduce the harmful emissions of diesels sold in the USA by Wolfsburg, Volkswagen has admitted that there are 11 million fixed cars, i.e. the scandal is not limited to the United States but also concerns Europe where diesel is well most widespread. Investigations have been carried out in Germany, France, the USA but also South Korea and Australia. Furthermore According to Die Welt, denied by the German transport ministry, the German government was aware of the manipulation of the emission control systems used by Volkswagen. To increase the pessimism the rumors, denied and then retracted, that even the car manufacturer BMW could be involved in the practices of tampering with emissions.
After a week on the yo-yo and roller coaster, with heavy losses (also affected by the cut in estimates for 2015 by the US group Caterpillar) followed by attempts to rebound and take a breather in the price lists, the cavalry arrived on Friday with Janet Yellen who, speaking at the University of Massachusetts, clarified that the Fed continues to see an initial rate hike by the end of 2015 and reiterated that the subsequent tightening maneuver will take place gradually. Not only. The rally was fueled in the afternoon by the US GDP data for the second quarter which was revised up to 3,9% from 3,7% of the interim estimate and above analysts' expectations. Good news that favored the rebound of the lists in yesterday's session (Ftse Mib +3,68%, London +2,47%, Paris +3,07%, Frankfurt +2,77%), offsetting the previous collapses.
In Piazza Affari the toll is 24 injured, who filed performances in the red, out of 40 Ftse Mib stocks. At the bottom of the basket of blue chips we clearly find the galaxy of cars with FCA which loses 9,15%, Exor 5,63%. Down too Cnh Industrial -7,56%, however hit by Caterpillar, the earthmoving machinery giant that has always been considered a barometer of the economy, which saw its 2015 profits drop and announced 5 layoffs by 2016.
Also in sharp decline Saipem -8,86% , Eni -4,94%, Tenaris -4,23%. On the oil front, S&P cut its 2015 price estimates for Brent and WTI oil: 50 dollars a barrel for Brent (-5 dollars compared to the previous forecast) and 45 dollars/barrel for Wti (-5 dollars).
Bmps -5,17% despite the agreement with the Japanese bank Nomura on the Alexandria derivative, announced on Wednesday evening, is liked by the market and does not compromise the return to profit target in 2015.
Overall, the rest of the banking sector was also in negative territory, but with limited losses: from -2,94% of Banco Popolare to -0,28% of Mediobanca. However, Intesa closed with a positive +0,72%.
In evidence is above all the luxury sector that redeems itself at the weekend thanks to the boost of optimism on the world economy that came after the words of Fed governor Janet Yellen and the upward revision of US GDP. Lošinj stocks had been hit the hardest by fears of a global slowdown linked to the loss of momentum from China and Asia. During the week, Luxottica archives a balance of 3,48%, Moncler +2,59%, Tod's +1,63%. Ferragamo +0,38%. Only Yoox falls behind and archives a red of 1,68%.
Utilities and energy are also positive, albeit with more marginal gains: Enel Green Power +1,55%, Terna +1,06%, Atlantia +0,99%, Snam +0,69%, A2A +0,51 .XNUMX%.
