“Zero Covid” protests in China, negative EU stock exchanges. Oil at its lowest for a year
Definitely negative opening of the week for the European Stock Exchanges. The growing popular protests in China against the Covid restrictions weigh in particular. Protests that can also lead to huge economic damage, with fear overwhelming investors, especially in relation to oil. In the United States, in fact, WTI and Brent are collapsing on fears of increasingly low demand for crude oil. On the other hand, the price of gas, around 120 euros per megawatt hour, did not move much. During the day, the euro soared up to 1.0497 dollars, a whisker from 1.05, the highest since the end of June.
In Milan, the Ftse Mib dropped 1.12% and closed at 24,440.88 points. The spread between BTPs and German Bunds is still growing, settling at around 193 basis points. The yield on ten-year bonds also rose slightly, at around 3.91%.
On the main list of Piazza Affari Banca Mediolanum (+0.56%), which stands out among the banks, is positive. With the plus sign also Iveco (+1.47%), Leonardo (+0.84%) and Amplifon (+0.50%).
On the other hand, the oil companies. Saipem loses 3.32%, Eni 1.96%, Tenaris 2.72%. Bankers and almost all industrialists are also bad. Azimut (-1.29%), Stm (-2.16%), A2a (-2.45%), Intesa Sanpaolo (-1.97%) Unicredit (-0.18%) and Banco Bpm (- -1.17%). Tim is also weak (-1.20%), given the rumors in the press that speak of definitive archiving of the agreement with Cassa depositi e prestiti on the single network. The dossier is in the hands of the government and these should be decisive days for the future of the project.
In Milan, the Ftse Mib dropped 1.12% and closed at 24,440.88 points. The spread between BTPs and German Bunds is still growing, settling at around 193 basis points. The yield on ten-year bonds also rose slightly, at around 3.91%.
On the main list of Piazza Affari Banca Mediolanum (+0.56%), which stands out among the banks, is positive. With the plus sign also Iveco (+1.47%), Leonardo (+0.84%) and Amplifon (+0.50%).
On the other hand, the oil companies. Saipem loses 3.32%, Eni 1.96%, Tenaris 2.72%. Bankers and almost all industrialists are also bad. Azimut (-1.29%), Stm (-2.16%), A2a (-2.45%), Intesa Sanpaolo (-1.97%) Unicredit (-0.18%) and Banco Bpm (- -1.17%). Tim is also weak (-1.20%), given the rumors in the press that speak of definitive archiving of the agreement with Cassa depositi e prestiti on the single network. The dossier is in the hands of the government and these should be decisive days for the future of the project.
Protests in China, the spread also rises to 192 points
On the foreign exchange market, theEUR it moves up. The single European currency advanced in the 1.0465 area against the dollar and at 144.60 against the yen. At around 138.20 the exchange rate between the greenback and the Japanese counterpart. It widens it spreads between 10-year BTPs and German Bund counterparts. The differential stands at 192 points, against 187 at Friday’s close. The yield on Italian securities rises to 3.918%. THE oil prices they are trading sharply down and have fallen to near lows as protests in China over the zero Covid policy stoke concerns about demand. Futures on Brent lose 3.39% to 80.79 dollars a barrel while those on WTI lose 3.10% to 73.91 dollars a barrel.
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