Difficult day on the markets with Piazza Affari which follows the weakness of the other major world stock exchanges. Inflation concerns continue to hold sway, with the OPEC + meeting not doing well as confirmation of gradual production hikes fueled the oil rally. In addition, the problems of the Chinese real estate sector are returning to the spotlight. Evergrande’s securities were suspended from trading on the Hong Kong Stock Exchange today at the same time as the payment deadline for $ 260 million dollar bonds. Also suspended for the shares of another Chinese real estate developer, Hopson, in the wake of some rumors relating to “an important transaction” with which it would buy the shares of another company. According to some rumors, the subject of the transaction would be 51% of Evergrande Real Estate, as part of an agreement of about 40 billion Hong Kong dollars.
The Ftse Mib index closed down by 0.6% at 25,460 points. At the bottom of the main list stand out the sales on Stmicroelectronics (-3.4%) which pays for the weakness of the entire tech sector with the Nasdaq which marks over -2% today.
Bad also Exor (-2.55%), as well as Nexi (-2.6%) and Prysmian (-2.55%).
Sales were dodged by Moncler (+ 1.14%) and Telecom Italia (+ 1.01%), with the latter returning from substantial declines that had sent it to the lowest levels since November 2020.
Oil stocks soared in the afternoon in the wake of the new violent upward movement in oil prices. Saipem closed with + 2.88%, followed by Tenaris with + 2.77% and ENI with + 1.39% in the 11.64 euro area, on the new highs since February 2020. The energy sector was driven by the soaring oil prices with WTI at their highest since 2014. Movement following the decision of OPEC + to confirm the increase in production of 400,000 barrels per day scheduled for November. As reported by Bloomberg News, prior to the meeting it was assumed that the group of major crude oil producers could opt for a greater increase in supply in November, but no proposal was made to this effect.