The European stock markets retreat after the second negative data arrived from the German economy. The Milan stock exchange worsens and the euro weakens. The Ftse Mib index loses 0,94% to 19.930. The euro trades to 1,262 from 1,265 at yesterday's close. London is down 0,65%, Paris -1,05, Frankfurt -0,71%. More pronounced losses in Madrid -1,32%.
The largest negative variation is that of Zurich (-1,6%), the Swiss stock market is penalized by the decline of the pharmaceutical companies, Novartis -2%, Roche -2%. The Stoxx healthcare index, which includes the main companies in the sector, lost 1,7%. Also suffering are automotive companies (Stoxx -1,5%), banks (-1%), oil companies (-1,2%).
Companies in the travel and consumer discretionary segment (-1,9%) are penalized by the discovery of the first case of Ebola in Europe. Lufthansa -3%, a two-day strike by pilots of the cargo service was announced this morningThe production of manufacturing companies fell in August by 4%, the sharpest drop since 2009, the consensus expected -1,5%. Factory orders, a figure released yesterday, fell 5,7% in August, much more than expected.
In Piazza Affari, Fiat lost 2,2% after data signaling a sharp slowdown in car sales in Brazil, conditioned by electoral uncertainty. The company announced this morning that the merger with Chrysler will be effective Oct. 12, with a subsequent listing on Wall Street Oct. 13. Pirelli falls by 0,6%, Finmeccanica -1%, StM -0,8%.
Among the banks, Unicredit -0,3%, Intesa -1,3%, MontePaschi +0,9%. Ubi -2,3%. Mediobanca Securities analysts have revised the rating of the sector, judged overweight. Among the novelties, the coverage of Bper (outperform, target price at 7,5 euro), Carige (neutral, tp at 0,11 euro) Credito Valtellinese (neutral, tp 0,95 euro) was resumed. Among the insurance companies UnipolSai -2%. In asset management, Azimut falls -2,8%. Energy and utilities still down: Eni down by 0,9%, Enel -1,7%.
Enel Green Power is down by 1,8%. JP Morgan cuts judgment to Underweight. Saipem +0,2%. Telecom Italia -0,3%, Mediaset -0,7%. Among the luxury companies, Moncler corrects -0,87%. Yoox and Tod's +0,5%,
