Stock exchanges negative, protests in China weigh Oil and energy stocks down

Milan closed down 1.12%. London -0.16 percent, Frankfurt -1.06 percent, Paris -0.70 percent

Markets were affected by protests against the excesses of anti-Covid restrictions in China. The reflections were negative on the area’s stock exchanges. Hong Kong’s had opened down -4 percent, then closed down -1.57 percent. The Hang Seng index in November had seen especially in the first week a strong recovery, on expectations of an easing of lockdowns. The tally for the month is still +17%, since the beginning of the year the decline is 26%. The Milan stock exchange, by comparison, is down only 10% since the beginning of the year.

These tensions in China are also helping to weigh down European markets: the Milan Ftse Mib closed down 1.12 percent. Other European stock exchanges also fell: London -0.16%, Frankfurt -1.06%, Paris -0.70%. In the United States -0.8% for both the Dow Jones index and the Nasdaq index of technology stocks.

Among the effects of fears over a Chinese slowdown is the decline in oil: Brent is trading at $82.95 a barrel (-1%, recovering from the day’s lows). Two weeks ago it was priced at $96. Stable, after a mid-day drop, gas: the December futures is trading at 122.7 euros per megawatt hour, -1.3% from Friday.

In Piazza Affari major rises for Iveco Group (+1.47%), major declines for Tenaris (2.72%), Saipem (3.32%) and Eni (-1.96%), all three in the energy sector. Among the stocks in the spotlight were Tim: press rumors over the weekend underscored that the new government intends to put the brakes on the original plan, which calls for the Cdp-led consortium to purchase Tim’s network in order to arrive at a combination with Open Fiber. The deadline for making the offer expires on November 30.

ECB President Christine Lagarde spoke today. She pointed out that inflation in the Eurozone has not yet peaked and that the risk is that it will grow even beyond what is expected today. The reaction was seen especially on the yield of the Italian 10-year Btp, +6 basis points, to 3.91 percent; the Btp/Bund spread rises to 192 basis points (+4 basis points).