MILANO – Fears that the West’s sanctions against Russia could also extend to China bring down the Asian stock exchanges. Yesterday the meeting in Rome between the national security adviser Jack Sullivan e Yang Jiechi, Chinese head of the Foreign Affairs Commission, were interlocutors even though the Beijing exponent clarified that the country “is not aligned” in this conflict and even today the Chinese Foreign Ministry has made it clear that it “does not want to be hit” by the sanctions. The lockdown of the Shenzhen technology hub also weighs on the Far East lists, and in particular on Hong Kong, which comes to lose six percentage points, which has therefore pushed all the securities in the sector down. Shanghai is also bad, down by almost 5%. On the other hand, Tokyo closed with a cautious rise, with the Nikkei at + 0.15%.
Covid effect in China, oil down
The possible Covid effect on China is also being felt on oil, the protagonist of a very sharp correction, on the fears of a contraction in demand. In the morning, the WTI crude oil futures contract for April delivery is trading at $ 97.35 with a drop of 5.49%. Brent with delivery in May instead changed hands at 100.88 dollars with a decrease of 5.63%.
Well industrial production and retail sales
On the other hand, the macro data arrived today from China are very positive. Industrial production in China jumped 7.5% annually in the January-February two-month period, beating the 3.9% expected by analysts and 4.3% in December, while retail sales recorded an annual increase of 6, 7%, well beyond analysts’ estimates (+ 3%) and sharply accelerating from 1.7% in December, thus achieving the best data since June 2021.
European stock markets down
The European stock exchanges proceed in decline. On the one hand, the eye is always turned towards possible turning points in the negotiations between Russia and Ukraine, on the other hand there is expectation for the two-day meeting of the Fed which leaves today. The first rate hike from 2018 to today is expected tomorrow, but the extent of the increase may be affected by a cautious attitude on the part of the US Central Bank in light of the Russian invasion of Ukraine. TO Piazza Affari the Ftse Mib dropped 1.18% to 23,150 points. London cede l’1,22%, Frankfurt 1.28% e Paris l’1,33%.
Currencies, the euro below $ 1.10
Approaching this appointment, the euro opens slightly below 1.10. The single European currency changes hands at 1.0973 dollars and 129.63 yen. The dollar / yen exchange rate rises to 118.12.