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Wednesday, November 30, 2022

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Stock market: weak Europe, Milan holds. Gas down, oil runs

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The price of gas flies, Italian storage close to 80% (ANSA)

The European stock exchanges arrive mid-session with the indices in red, in a climate that continues to be apprehensive about the stability of the economy of the Old Continent, put under pressure by the price rush, the war and the monetary tightening.

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London lost 0.7%, Madrid 0.6%, Paris 0.3% and Frankfurt 0.2% while Milan is the only stock exchange to move against the trend (+ 0.5%), while halving the earnings compared to the highs of the morning. Futures on Wall Street rose slightly, also recovering after yesterday’s crash.

The euro continues to trade below par with the dollar, at 0.993, albeit above the lows of 0.9901, crushed by fears about the European economy and the strength of the greenback. Gas is down, which after the strong rises of the last few sessions drops 2.7% to 269.2 euros, while the price of oil (WTI + 1.6% to 91.8 dollars) is running with Saudi Arabia which it also assumes a cut in production to cope with a volatile future market disconnected with the supply and demand fundamentals of the physical market.

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The BTP-Bund spread slows to 232 points with our ten-year yield up 3 basis points to 3.64%. Energy runs in Piazza Affari with Tenaris (+ 6.8%), Saipem (+ 7.1%) and Eni (+ 2.9%), also Unipol (+ 2.2%), Tim (+1 , 7%) and Bper (+ 1.6%) while Diasorin (+ 2.1%), Amplifon (+ 1.8%), Mps (+ 1.8%) and Inwit (+ 1.8%) slide .

Source: Ansa

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