More turbulence from Beijing. The Exchange of Shanghai it recorded another jolt with a drop of 3,55% in the wake of fears for the Chinese economy and in anticipation of the publication of the GDP data scheduled for next week. The Exchange of Shenzhen, the second Chinese market, closed down by 3,40%.
With yesterday's rally on Wall Street now behind us, Europe started the session volatile and then worsened in the morning with the drop in the Petroleum. The Brent fell below the threshold of 30 dollars a barrel, while the wtf it dropped 4,36%, to 30,71 dollars. Energy and raw materials are penalised, which weigh down the price lists of the Old Continent. London yields $1,32, Paris 1,53% where Renault loses 2,79% while the Government of Paris has denied fraud on emissions, Frankfurt 1,39%. Even worse, however, is the Ftse Eb, which drops by around two percentage points.
At the bottom of the blue chip basket is Cnh (-4,73%), suspended on the downside after the current of sales that hit it from the very beginning of the session, in the wake of the news of the start of coverage by Credit Suisse with an Underperform rating and a target price of 5,40 .XNUMX euros per share. Bad too Finmeccanica (-3,71%), Bper (-3,6%), Tenaris (-3,56%) And Tod’s (-3,26%). On the Ftse Mib only Italcementi manages to snatch a timid rise to +0,20%.
The decline in oil is also seen on the macroeconomic data on inflation. In Italy, Istat confirmed that in 2015 inflation slowed down to +0,1% from +0,2% in 2014. In November, the import price index of industrial products decreased by 0,4% compared to the previous month and by 4,7% against November 2014. Much of the reduction in import prices depends on the dynamics of the energy sector, excluding which the index recorded a drop of 0,1% compared to the previous month, while remaining unchanged in trend terms.
On the macroeconomic front the eurozone goods trade surplus in November it was 23,6 billion compared to 20,1 billion a year earlier. In November, exports of goods to the rest of the world amounted to 173,5 billion euros, an increase of 6% compared to November 2014. Imports reached 149,9 billion, +5% compared to November 2014.
Now the market is looking at data arriving overseas. A barrage of macro data is expected in the US: December Producer Price Index, December Retail Sales, January Empire State Manufacturing Index, December Capacity Utilization and Industrial Production, December Consumer Confidence Index University of Michigan January (preliminary) and November business stocks.
On the central bank front, the intervention of Fed governor Dudley is expected at 15 pm, together with the quarterly economic bulletin of the Bank of Italy.
