MILANO – A weak opening is expected for European markets, after the contrasting trend in Asia. The scenario remains dominated on the one hand by the war in Ukraine, with waiting presentation by Europe of the energy package and clarifications on the use of double accounts for Russian gas imports. The US, on the other hand, is pressing for greater pressure on Putin and would be evaluating the possibility of blocking Russia’s ability to pay US bondholders. Reportedly Tuesday evening from Bloombergthe US Treasury would like to allow those technical waivers to sanctions that have so far allowed Moscow to repay its coupons and debt in dollars to expire on May 25 (three months after the invasion began): this move would bring Moscow closer to default. “It’s under consideration, but I don’t have a decision to anticipate right now,” a Biden administration official told the Reuters. “We are evaluating all options to increase the pressure on Putin,” she added. According to some, on the other hand, guaranteeing the possibility of paying would be a way to ensure that Russia invests its resources in US investors, rather than in armaments or in any case to support the invasion itself.
The Asian stock exchanges moved in a mixed way conditioned by the risks of inflation and monetary tightening, and by fears about the slowdown in global growth also due to the Chinese lockdowns. The words of the Fed chairman are also weighing Jerome Powellwho used very resolute tones against inflation and on the need for the US central institution to do everything in its power to counter the price rush, even at the cost of cooling the economy. Tokyo gains 0.69% after digesting the slight contraction of Japanese GDP in the first quarter (-0.2% with a significant drop in exports and consumption due to anti-Covid regulations). Shanghai loses 0.25% e Hong Kong it falls by 0.43% despite the authorities having allowed some financial companies to resume work, as part of the plan to gradually ease the anti-Covid containment measures.
Among currencies, theeuro opens slightly at 1.0532 dollars and 136.04 yen. The single European currency yesterday drew strength from statements by Dutch central bank governor Klaas Knot, who opened the door to a 50 basis point rate hike. The cross between the dollar and the yen remained stable at 129.17.
Special note is the energy sector. The petrolium is up on Asian markets in the wake of hopes for a recovery in demand in China fueled by the gradual easing of the strict containment measures of Covid-19. Brent futures gained 0.36% to $ 112.28 a barrel while US West Texas Intermediate (WTI) futures rose 0.82% to $ 113.31 a barrel.