MILANO – Weak markets in the East, in the wake of sales in the Chinese technology sector. And always from Beijing comes the news that characterize the other movement of the day, the drop in oil: China is in fact releasing some oil reserves, at the invitation of the US who are thinking about a similar move, with the immediate effect of bringing down the prices of crude oil. WTI is traded in Asia at 77.52 dollars (-1.07%), while Brent at 79.80 (-0.60%). The move, already made in recent months, is unclear whether it is linked to the request made by Joe Biden to Xi Jinping at their summit on Monday, reported by the South China Morning Post. The US has solicited similar initiatives with major consumer countries, such as Japan, South Korea and India to revive the economy. “We are working on their release,” said a spokeswoman for China’s National Food and Strategic Reserve Administration.
On the stock markets, the issues of the moment are always those linked to inflation: investors fear that the price rush will cause a squeeze by central banks, although all the main institutions remind us that we must not frustrate the recovery, which is still partial and full. of unknowns starting with the new pandemic wave. Futures little moved on the European stock exchanges, after the closing in red on Wall Street. Futures on the Euro Stoxx 50 are flat, those on the London Ftse 100 index register a -0.06%, and those on the Frankfurt Dax travel on parity.
Today on the American Stock Exchange we look at the data on unemployment benefits. To report, last night, the collapse of Visa after Amazon he said he will no longer accept UK-issued credit cards from next year due to excessive fees.
In Asia, it was a volatile day for Tokyo. Japan is ready to launch a new package of economic stimuli, costing about 55.7 trillion yen (488 billion dollars). The figure, made known by the newspaper Nikkei, is much higher than expectations which indicated a total amount of 3-4 trillion yen. This news has reversed the trend of Tokyo Stock Exchange that after an opening in red, it has turned positive and is now advancing by 0.08%. Hong Kong moves sharply down, while Evergrande sells its remaining 18% in film and streaming production company HengTen Networks for approximately $ 273 million. With a notice to the Hong Kong Stock Exchange, Evergrande (-2.50%) has formalized the sale of the share package of HengTen (+ 23.67%), the latest effort to raise capital with divestments to meet debts for over 300 billions. Founder Hui Ka Yan, meanwhile, took out 105 million in loans to help the group, pledging two luxury homes in Hong Kong, the magazine reported. Caixin, confirming the use of personal assets against the crisis, as requested by Beijing.
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