(AOF) – European stock markets were lower midday from Paris to London via Berlin. Fears of recession in the euro zone and in Germany, Europe’s traditional locomotive, are gaining strength after the publication of the PMI indicators. These reflect a contraction in activity in Germany and the euro zone in September. By contrast, private sector activity in France was stronger than expected. The CAC 40 lost 1.01% to 5,858.70 points. The EuroStoxx50 lost 1.41% to 3,378.66 points.
In Europe, the action
it wobbled 8.22% to 4.26 Swiss francs and thus closes the march of the SMI index due to information from Reuters about a possible capital increase. Speculation abounds about what decisions the struggling Swiss bank will make about its strategy. Ulrich Körner was appointed managing director in early August to turn around Credit Suisse, which has posted disappointing results and racked up business over the past two years.
In Paris, the title of
it was up 2.48% to €94.63 by midday, allowing it to easily lead the CAC 40 index. During an investor day in Toulouse, it reaffirmed an ambitious production strategy for its aircraft family and confirmed its targets for 2022. Guillaume Faury, CEO of the European aircraft manufacturer underlined in his presentation to investors that the commercial aircraft order book was strong and well diversified.
The macroeconomic figures of the day
Private sector activity was stronger than expected in France in September, according to S&P Global. The Composite Purchasing Managers’ Index (PMI), which takes into account the manufacturing and service sectors, came in at 51.2 vs. 49.8 expected and 50.4 in August. In detail, the services PMI came out at 53 vs. 50.5 expected and 51.2 in August. The PMI for the manufacturing sector came out at 47.8 against 49.8 expected and 50.6 in August.
In the eurozone, the S&P Global Flash Composite PMI for September came in at 48.2, against the consensus, after 48.9 in August. The flash services index rose to 48.9 from a consensus of 49 after 49.8 in August. The flash PMI for the manufacturing sector came out at 48.5 vs. 48.7 expected and 49.6 in August. Therefore, the contraction continues for the Eurozone, making recession fears more concrete.
Private sector activity weakened in Germany in September, according to S&P Global. The Composite Purchasing Managers’ Index (PMI), which takes into account the manufacturing and service sectors, came in at 45.9 vs. 46 expected and 46.9 in August. In detail, the services PMI came out at 45.4 vs. 47.2 expected and 47.7 in August. The PMI for the manufacturing sector came out at 48.3 against 48.3 expected and 49.1 in August.
In the United States, Purchasing Managers’ Indices for the manufacturing and services sectors are due at 3:45 p.m.
Around 12:00, the euro fell 0.81% to 0.9757 dollars.