(Il Sole 24 Ore Radiocor) – European stock exchanges start with lowered acceleration, while Chinese stock exchanges are in sharp decline amid concerns about thetrend of energy raw materials and also the case of the sportswear company Li-Ning on which the Norwegian sovereign fund withdrew its investments due to suspected human rights violations Xinjiang.
Raw materials in tension: oil rises, gas folds
Increase of about 2% for i barrel prices of oil in the aftermath of the US decision to ban the importation of oil, natural gas and coal from Russia. The UK, in turn, will eliminate imports of crude oil from Moscow by the end of the year. The price of the natural gas in Europe at 189 euros per megawatt hour. The tension on the market is confirmed metals: the London Metal Exchange in London has announced that it does not plan to restart normal trading of suspended nickel contracts after the flare-up of prices (+ 250% in two sessions) while aluminum confirms the values in the area of 3500 dollars per ton.
Ruble plunging after Fitch cut
The ruble slips further after Fitch’s further cut in Russian sovereign rating in the reopening session of the local currency market. The exchange rate between the dollar and the ruble rose by 8% to 113.9 compared to Friday’s values. On international platforms, the Russian currency trades at 127 for one dollar and at 140 for one euro. The Fitch agency downgraded the Russian Federation’s rating from ‘B’ to ‘C’ due to the impact of sanctions on the national economy. For the rating agency, the risk of a Russian default on sovereign debt is “imminent”.
Tokyo closes down, fears about rising energy costs weigh
Closing down for the Tokyo Stock Exchange which remains anchored on minimum for over a year, with investors remaining fearful of the impact of the conflict in Ukraine on economic growth due to the gradual rise in energy costs. At the end of the session, the Nikkei index fell by 0.30%, settling at 24,717.53 points. The broader Topix index also dropped 0.05% to close at 1,758.89 points.