Home » Protests in China and oil slow down the markets, Piazza Affari ends at -1.1%

Protests in China and oil slow down the markets, Piazza Affari ends at -1.1%

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Protests in China and oil slow down the markets, Piazza Affari ends at -1.1%

Negative closure for Piazza Affari and the other European stock exchanges, with the FTSE Mib down by 1.1% to 24,440 points. Wall Street is also proceeding in the red, in a session weighed down by protests in China against the government’s anti-Covid restrictions.

Among the individual stocks, Tenaris (-2.7%) and Saipem (-3.3%) fell above all in the wake of the drop in crude oil, which reached its lowest since December 2021 in the $74 area (unless it then recovered to $75. 8 dollars) due to the riots in China which are fueling doubts about the demand of the world‘s largest importer of crude oil.

Iveco (+1.5%) and Leonardo (+0.8%) went against the trend, the latter following the award of an order for the Brazilian army for the initial supply of 96 8×8 armored vehicles.

Volatile session for Telecom Italia (-1.2%), after the rumors about the government’s halt to the CDP offer for Tim’s network. At this point, the presentation of a non-binding offer by the Cassa and partner funds, previously expected by 30 November, is unlikely.

As for Enel (-1.65%), according to the Greek media, three companies (the Greek PPC, the Canadian Brookfield Asset Management and the British Amber Infrastructure) would be interested in buying the Romanian assets of the Italian energy group, worth of approximately 1.9 billion euros.

During the day, the president of the ECB Christine Lagarde reiterated that the institute plans to “further increase rates to ensure that inflation returns towards the medium-term objective of 2%”. Lagarde added that “in a context of high uncertainty and with complex shocks hitting the economy, the Governing Council’s decisions will continue to be data-driven and will follow a meeting-by-meeting approach.”

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An intervention by Fed number one, Jerome Powell, is expected on Wednesday, which should cement expectations of a slowdown in the pace of monetary tightening. During the week, there will also be a focus on the macroeconomic agenda, with the flash estimate on inflation in the Eurozone, the PCE Core Index and the Non-Farm Payrolls – the last two relating to the United States. Focus also on the US GDP for the third quarter and the PMI manufacturing indices.

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