(ANSA) – MILAN, APRIL 27 – Russia’s use of gas, whose supplies have been cut to Poland and Bulgaria, frightens the markets, pushing the European stock exchanges into the red and making the euro revise its five-year lows against the dollar as the price of gas soars again.
Milan lost 1%, Frankfurt 0.6%, Paris 0.5% and London 0.1%, recovering somewhat from the lows reached close to the opening. The euro continues to lose ground (-0.3%) and trades at 1.0606 against the dollar, new lows since April 2017, due to fears about the impact that the war could have on the economy of the Old Continent. On the other hand, the price of gas flies, with futures in Amsterdam rising 11.8% to 115.4 euros.
Russia’s move adds uncertainty to an already difficult environment, characterized by price rush, monetary tightening and concerns about Chinese growth, jeopardized by Beijing’s ‘zero Covid’ strategy. Oil rose by almost one percentage point, with the wti above 102 dollars and the brent above 105. (ANSA).
Source: Ansa
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