European stock exchanges in sharp decline on fears that the flare-up in energy prices will draw an economic scenario with high inflation and contained growth, while concerns about the fate of the real estate giants like Evergrande, which appears to have missed its third bondholder payment deadline in a matter of weeks, and with other real estate groups such as Fantasia Holdings and Sinic under pressure for their financial conditions.
The FTSE MIB in Piazza Affari is among the most penalized together with Madrid (IBEX 35) and Amsterdam (AEX). Investors expect the Zew index on the German economic outlook to record its fifth consecutive decline, while at the general level, US inflation data for September and the minutes of the last meeting of the FOMC of the Federal Reserve are expected on Wednesday 13 October.
In Piazza Affari, Moncler and the industrialists are down
In Milan, Moncler is suffering from concerns over the Chinese economy, while the industrialists StMicroelectronics, Interpump and Cnh Industrial are falling by more than one percentage point. Among the banks, Banco Bpm and Banca Pop Er, the latter at the center of rumors about a possible combination with Banca Pop Sondrio. Atlantia is sold, announcing the 300 million euro contract for Abertis relating to a maxi tunnel in Chile.
Tokyo Stock Exchange, closed at -1% with a drop in tech
Sitting in red for the Tokyo Stock Exchange (NIKKEI 225). Concerns about the jump in energy prices and the reawakening of inflation expectations are the main source of concern for investors. The session started badly in the wake of the negative performance of Wall Street which always has a great impact on the session of the Japanese market. According to operators, the rise in energy prices exacerbates the concern that the acceleration in inflation recorded following the pandemic is not temporary but lasting. The downward trend was driven by stocks in the technology sector and the weakening of the yen against the dollar on the foreign exchange market to 113.47 yen per greenback (from 113, 31 yen Monday evening), a movement that by definition favors the large listed Japanese conglomerates.
Oil rises again: Brent towards 84 dollars a barrel
Oil prices slow down compared to the peaks at the beginning of the week even if the WTI, in the November delivery, remains above 80 dollars a barrel and the Brent in London in the December delivery always has 84 dollars in its sights