MILANO – 9:10 am. A new tightening by the Chinese authorities on private economic activity generates strong sales on the Asian markets, which come in a context of already great uncertainty for investors, determined by the arrival of the Fed tapering (the closure of extraordinary stimuli), by concerns about the Delta variant of the coronavirus – which threatens the recovery – and the slowdown in China itself that emerged with the data of recent days.
Beijing has passed new data protection legislation, online privacy, which will force the Internet giants to
a series of obligations towards users and in the processing of their data. Companies will be required to reduce data collection and obtain user consent for their disclosure, while the Chinese state security apparatus will maintain access to large amounts of personal data, forcing companies to provide it to them without limitation. . According to observers such as the Financial Times is a factor of concern among investors due to the intensity of the generalized regulatory tightening on the economy. TO Hong Kong, the index that includes technology and e-commerce stocks lost more than 4.5 percentage points. Alibaba hit new all-time lows and the Asian market moved overall down 2.5%. Note Bloomberg that other sectors such as the liquor market, online pharmacies and the cosmetics sector are in the sights of the state shit. Tokyo closed down 1% e Shenzhen e Shanghai fall back by 1.5%.
In Europe, markets open slightly lower while US futures are weak. Milano marks a decrease of 0.17%, Frankfurt slips by 0.2%.
From the macroeconomic front, the data on retail sales volumes are recorded in Great Britain which fell by 2.5% on month in July but up 2.4% on year; looking more generally, however, they increased by 5.2% in the three months to July compared to the previous three months and are 5.8% higher than the pre-coronavirus February 2020 levels.
L’euro opens stable below 1.17 dollars. The European currency changes hands at 1.1685 dollars and at 128.18 yen. Dollar / yen retreated to 109.70. Fearing the greenback as a world reserve currency is fears that the Delta coronavirus variant could delay global economic recovery. The spread between the BTPs at 2031 and their Bund counterparts, it opens at 104.6 points, slightly down from the 105 points of yesterday’s closing. The yield on Italian 10-year bonds is barely moved at 0.552%.
US Treasury yields and the dollar (at nine-month highs) stabilized, as did the raw material. Their recent weakness, however, is another symptom of how markets fear repercussions from the Delta variant on the economic recovery. The price of the Petrolium, for example, it opens up but starts to close the week down by 5%, due to the spread of the Delta variant, which depresses demand and the strong dollar which increases the cost of crude oil. On the Asian markets, futures on Light crude Wti rose by 0.63% to $ 64.09 and those on Brent by 0.21% to $ 66.59 a barrel. Oro a slight increase: it is traded at $ 1,786.92 an ounce, up + 0.37%.
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