(AOF) – European equity markets are down at midday from Paris to London via Berlin. Fears of recession in the euro zone and in Germany, Europe’s traditional locomotive, are becoming more significant after the publication of the PMI indicators. These reflect a contraction in activity in Germany and the euro zone in September. Conversely, activity in the private sector 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
Swiss credit
falters by 8.22% to 4.26 Swiss francs and thus closes the march of the SMI index due to information from Archyde.com on a possible capital increase. Speculation is rife 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 presented disappointing results and accumulated business over the past two years.
In Paris, the title of
Airbus Group
gained 2.48% to 94.63 euros at midday, thus easily taking the lead in the CAC 40 index. During an investor day in Toulouse, he reaffirmed an ambitious production strategy for his family of jets and confirmed its 2022 objectives. Guillaume Faury, CEO of the European aircraft manufacturer, underlined in his presentation to investors that the commercial aircraft order book was robust 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 services sectors, came in at 51.2 vs. 49.8 expected and 50.4 in August. In detail, the PMI for services came out at 53 against 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 out at 48.2, against 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 against 48.7 expected and 49.6 in August. The contraction therefore continues for the euro zone, making fears of recession 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 services sectors, came in at 45.9 vs. 46 expected and 46.9 in August. In detail, the PMI for services came out at 45.4 against 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, the purchasing managers’ indices for the manufacturing and services sectors are expected at 3:45 p.m.
Around 12:00 p.m., the euro fell 0.81% to 0.9757 dollars.