MILANO – 10:40 am. The European lists begin the week in the name of caution, after the good session in Asia: in the background there remain the strong concerns over the expensive energy issue which risks causing inflation to rise beyond the tolerance levels of central banks and represent a strong obstacle to global recovery. Fears also fueled by the race of the Petroleum, with prices that remain above the threshold of 80 dollars: the WTI goes to 80.8 dollars to be precise, confirming the highest levels since 2014 reached on Friday, while Brent rises to 83.8. In China, thanks to the floods that led to the massacre and the closure of mines, the future sul carbone are at new highs.
The energy shock that risks freezing the post Covid recovery
by Federico Rampini
11 October 2021
Milano confirms its decline in the middle of the morning, even after the Istat data on industrial production slowing down in August: the Ftse Mib, the main index of the Italian stock exchange, drops 0.4% despite the oil sector’s cue with Eni returning to pre-pandemic assessments. Also down Frankfurt (-0,2%) e Paris (-0.2%) while London holds better with + 0.1%. On Piazza Affari it stands out Dried, which kicks in after the group announced a $ 180 million acquisition in Germany this morning. The group specializing in the internet of things and artificial intelligence expects the birth of a company capable of generating revenues of 180 million euros and an adjusted EBITDA of over 40 million by 2022.
In the morning, the Tokyo Stock Exchange accelerated at the end of trading, concluding the first session of the week with a rise, supported by the weakness of the yen on the main currencies, which gave impetus to export stocks, and the revision of the timing of the fiscal maneuver, by Prime Minister Fumio Kishida, considered penalizing for large companies: the Nikkei gained 1.6%. Net rise, driven by technology stocks, due to the closing of Hong Kong which rises by 1.98% while Shanghai ends flat.
American markets remain closed for today Columbus day. On Friday, Wall Street had closed weak following uninspiring US jobs data. Analysts have rather noted how wages have grown, a symptom of a possible inflationary spiral that, combined with the high energy price, could push the Fed to accelerate rate action.
On the currency, theeuro there is little change on the dollar at the start of the week. The single currency maintains its gains on Friday after disappointing US labor market data. The European currency is trading at $ 1.1577 against 1.1575 on Friday closing. Euro / yen at 130.49 and dollar / yen at 112.69. Returning instead to raw materials, the prices oforo they are stable on the Asian markets where exchanges have moved, little changed, around 1,756.58 dollars an ounce.