Two billion from Mise for development contracts, with aid to those who reduce consumption - Economy

Stock Exchange: gas effect, Milan opens sharply – Economy

Piazza Affari heavy in the start of negotiations, with the black jersey price list in a Europe scared of the consequences that a stop to Russian gas could have on its economy. The Ftse Mib fell by 2.4% with sales that hit banks with particular violence: Unicredit lost 4.4%, Banco Bpm 3.8%, Bper 3.6% and Intesa 3.5%. Strong decreases also on Pirelli (-3.7%), Interpump (-3.6%), Amplifon (-3.5%), Unipol and Poste (-3.4%), Stm (3.2%) and Exor (-3.1%). The oil companies are saved, benefiting from the possible production cuts that will be decided today by OPEC +: Tenaris advances by 0.9% and Eni by 0.5%. Outside the Ftse Mib, Mps sells 2.7% after the approval of the ECB to the 2.5 billion capital increase.

Heavy start for the European stock exchanges following Gazprom’s decision to keep the Nord Stream gas pipeline closed. In London the Ftse 100 drops 0.74% to 7,227 points, in Paris the Cac 40 drops by 1.93% to 6,048 points while in Frankfurt the Dax loses 1.71% to 12,827 points.

The euro rallies 0.99 against the dollar, after adjusting the lows since 2002 to 0.98: the single currency is now trading with the greenback at 0.991

The price of gas in Amsterdam is slowing down a bit, after hitting a maximum of 290 euros per megawatt hour at the start of the session. Ttf futures rose 22% to 262 euros per megawatt hour in the wake of Russia’s decision to close Nord Stream.

European Union gas stocks have risen over the past week to 81.55% of storage capacity. Data from GIE (Gas Infrastructure Europe) indicate, as of last Saturday, a filling of 85.55% of storage in Germany and 83.74% of those in Italy.

Oil prices are rising sharply at the start of the week awaiting the OPEC + meeting which could decide on a cut in production and after the G7 stance on a price cap on Russian oil. Wti crude oil changes hands at 88.53 dollars a barrel with an increase of 1.91%; Brent rose 2.13% to 95 dollars a barrel.

The fall of the euro follows Moscow’s announcement, before the weekend, of cutting gas supplies to Germany and Europe through Nord Stream 1. The slow fall of the euro against the dollar has continued since the beginning of the year, ballasted from the economic uncertainty triggered after the Russian invasion of Ukraine.

The red mark prevails on the Asian stock exchanges, which are paying for the effects of the energy crisis and are weighed down by the possible limitation, subject to evaluation by the American administration, of US investments in Chinese technology companies. Tokyo lost 0.1%, Seoul 0.2% while Sydney closed 0.3% higher. On the other hand, Hong Kong suffers, down by 1.3%, while Shanghai falls by 0.1% and Shenzhen by 0.7%. Futures on Europe fell sharply, paying the surge in gas prices (+ 23.4% to 275 euros) triggered by the prolonged closure of Nord Stream: those on Frankfurt lost 2.9%, those on Milan on 2.5% and those in London 2.2%. In the meantime, the euro touches its twenty-year lows against the dollar, falling below 0.99. On a day that will see Wall Street closing for Labor Day, investors’ eyes are also on the OPEC + meeting, which could decide to cut oil production (wti rises 2.1% to $ 88.7 ) in order to support prices.


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