MILANO – Starting the week with the spotlight on oil, which is moving slightly up: on Sunday OPEC+ decided not to touch production levels, after the 2 million cut (only partially implemented) decided in April. The cartel puts the “wait and see” mode, stands at the window waiting to understand what will happen with the start of the European embargo on Russian crude oil (which kicks off today) and with the next price cap at 60 dollars for Russian export barrels as well to third countries.
High revs in the engine of the Chinese Stock Exchanges. Pushing them is the easing of Covid testing obligations in some large metropolitan areas, which arrived over the weekend: a clear signal of Beijing’s gradual departure from the very strict policy on containing the virus. Hangzhou, where Alibaba is headquartered, and the financial capital Shanghai have restricted entry requirements in many public places.
Finally, keep an eye on theEurogroupthe words of the ECB president Christine Lagarde and the US-EU summit on trade issues.
Weak futures on Europe and Wall Street
Weak futures on European markets at the start of a week that promises to be interlocutory, pending the Fed meetings with the ECB in mid-December. Futures on the Eurostoxx 50 drop by 0.10%, those on the Dax mark -0.09& while those on London’s FTSE 100 record +0.05%.
Indications from Wall Street are also cautious. Eyes focused today on the Ism services index, expected to drop slightly, but still above 50 points and therefore expanding. However, a downward surprise is possible as has already happened in the case of the PMI services. Among other data expected during the week, the trade balance with stars and stripes, producer prices and consumer confidence monitored by Michigan. Futures on the Dow Jones mark -0.09%, those on the Nasdaq drop by 0.12% and those on the S&P 500 register a -0.09%.
Tokyo up slightly (+0.15%), Hong Kong flies
The Tokyo Stock Exchange ends the first session of the week with a slight increase, despite the mixed closure of US stock markets, with investors optimistically looking at the easing of the anti-Covid lockdowns imposed by the authorities in China. The reference index Nikkei marks a barely positive variation of 0.15%, at 27,820.40, and a gain of 43 points. On the foreign exchange market, the yen continues its revaluation against the dollar, at a level of 134.70, and at 142.40 against the euro.
A toast to the minor anti-Covid snares is instead Hong Kong which lengthens its pace: the Hang Seng index rises by 3.46%, to 19,320.62 points. The gains are fueled in particular by technology stocks, whose reference index (Hang Seng Tech) rises by more than 6%: on the shields Alibaba, which jumps by more than 4%, and Tencent, which marks an increase of more than 5%. %.
Oil up slightly with the embargo on Russia
Oil prices up on Asian markets after OPEC+ decision to keep current production levels unchanged. A new package of sanctions against Russia entered into force today in Europe which provides for the imposition of a ceiling of 60 dollars a barrel on the price of Russian oil sold in third countries, in addition to the EU embargo on imports by sea (with the exception of crude oil arriving by pipeline in Hungary). WTI futures gained 0.59% to 80.46 dollars a barrel while those of Brent rose 0.51% to 86 dollars a barrel.
Oil: the EU puts a ceiling on the price, but Russia organizes itself with a “shadow” fleet
by Luca Pagni
