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Stock Exchange: Europe nervous but recovering, oil and gas are flying

2022-03-07T13:57:07.945Z


European stock exchanges reduce their falls after a disastrous morning, with Milan briefly able to bring itself back above par, but remain very nervous and volatile in the climate of great uncertainty fueled by the war in Ukraine. (HANDLE)


(ANSA) - MILAN, MARCH 07 - European stock exchanges reduce their downturns after a disastrous morning, with Milan which managed to quickly bring itself back above par, but remain very nervous and volatile in the climate of great uncertainty fueled by the war in Ukraine.


    The prices of energy commodities and raw materials continue to fly on fears of a reduction in supplies from Russia, with European gas, palladium and copper which, before retreating, reached new all-time highs while the US study of a block import of Russian oil inflames crude oil prices.


    Frankfurt lost 1.1%, Paris 0.9%, Milan and London 0.1%.

The euro lost 0.3% against the dollar to 1.089 and fell below par with the franc, only to recover some ground, on fears about the impact that war and energy prices will have on European growth.

The future on Wall Street was also negative, with the main indices down by about 0.7%.


    Gold, the ultimate safe haven asset, fell back to $ 1,984 an ounce after flying above $ 2,000.

WTI is holding above 120 and Brent above 123 albaril dollars, both up by more than 4%, after North Sea oil has reached close to 140 dollars, the highest since 2008. European gas futures meanwhile are folding. at 275 euros per megawatt hour,


    The fall of the ruble does not stop, exchanging at 137 suldollar while the Moscow exchange remains closed.

Insurances (CDS) on Russian sovereign debt are soaring after Putin's decision to allow bonds in foreign currencies to be repaid in the increasingly devalued rubble, in the event that the securities belong to countries that have imposed sanctions against Russia.

Raw materials are also soaring, from copper to nickel to palladium.

(HANDLE).


Source: ansa

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