MILANO – A new Chinese squeeze on companies weighs on the reopening of markets, in an already delicate phase due to the fact that analysts fear a volatile autumn after the many records set by the stock markets in these months of 2021: the presence of the variants of Covid 19, which offset vaccination progress, and the fact that central banks are on course to reduce extraordinary maxi-stimuli.
I future su Wall Street are flat after last Friday’s heavy close, with the Dow Jones losing more than 2%. Those on Europe, on the other hand, point to recovery after the recent weakness.
Alipay, Alibaba’s superapp for payments and financial services with over 1 billion users, will be dismembered in the most visible restructuring of the Ant Financial group: consequently the e-commerce giant founded by Jack Ma gives 4.47% to Hong Kong. Chinese authorities reported on Sunday Financial Times, aim to create a separate app for the highly profitable lending business, in the most visible restructuring of the fintech giant. Regulators have already ordered Ant to separate the backend of its two lending businesses, Huabei (similar to a traditional credit card) and Jiebei (which makes small unsecured loans), from the rest of its financial offerings, involving shareholders. external. Now, the latest indication that Beijing wants the two companies to be split into an independent app. The plan will also see Ant transfer user data underpinning its lending decisions to a new credit score joint venture that will be partly state-owned, according to sources close to the file, based on the consideration that the Communist leadership believes that “the monopoly power of big techs comes from their control of data”. The move could slow Ant’s lending business, with the huge growth of Huabei and Jiebei partially fueling the planned $ 35 billion IPO, which was wrecked at the behest of the Chinese authorities in early November 2020, 48 hours after the move. debut of the securities on the Shanghai and Hong Kong stock exchanges. To aggravate the situation there is also the fact that the operator of real esate Soho China it collapsed on the Hong Stock Exchange where it reached -40% after the withdrawal of the company’s purchase plan for 3 billion dollars by the American private equity firm Blackstone. The price list of Hong Kong, with trading still open, thus loses 2.3% while Shenzhen has -0.3%. Tokyo it managed instead to turn upwards in the final, scoring a + 0.22%.
On the currency front, theeuro opens down below $ 1.18, waiting for tomorrow’s US inflation data. The European currency changes hands at 1.1793 dollars and 129.74 yen. Dollar / yen rises to 110.02. Markets are weighed down by a number of unstable factors, including the prospect that the Fed may soon begin to ease some of the massive monetary stimulus it has provided so far. US inflation has also become a factor of instability. In August, consumer prices in the United States should rise from 5.4% to 5.3% annually, thus remaining above 5% for the fourth consecutive month and therefore at very high levels. Stable opening for the spread between BTP and Bund. The differential marks 103 points, on the same level as the close on Friday. The yield of the Italian ten-year is equal to 0.7%.
Among the commodities, the prices of the Petroleum they open higher in view of the publication of the monthly OPEC report. On the Asian markets, futures on Light crude Wti advanced by 0.46% to 70.04 dollars and those on Brent by 0.43% to 73.23 dollars. Concerns about US production following the damage from Hurricane Ida weigh on, along with expectations of an increase in demand. About three-quarters of the US Gulf of Mexico offshore oil production, or about 1.4 million barrels per day, equal to Nigeria’s total production, has been stagnant since the end of August. Complicating matters is the resumption of operations of several oil refineries in Louisiana, which is increasing the demand for crude oil. Note the peak of the cost ofaluminum, at the top for 13 years driven by supply concerns in China. Price oforo growing: the metal advanced by 0.24% to 1791 dollars an ounce.