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Deep down, however, the oil, protagonist in the last days of unprecedented falls. Still this morning, contracts expiring in June from the WTI lost 5.7% to $ 10.9, while for those in Brent the decline is even faster: -11% to $ 17. Quotes aside, a good thermometer about the situation will be the spread of stocks in the United States this afternoon. Asian exchanges contrasted the trend, with Hong Kong and Shanghai positive towards the closings and Tokyo, which closed at -0.76%.
Rep
Oil, a century of roller coasters. But behind the latest decline is the hand of speculation.
Jump ahead of the propagation More than half a day it reached 280 basis points after reaching 268 yesterday, the highest level since the ECB launched the new extraordinary program of buying bonds in the countries of the euro zone. “The ECB can save the euro zone” because “it has almost unlimited firepower and is the only EU institution willing and able to act.” That is why “governments should support” their action. This is what is read in an editorial in today’s ‘Financial Times’ by Martin Wolf.
Among the macroeconomic data expected during the day, Istat reveals a weakness in industrial activity as early as February with a sharp drop in invoicing and orders. While in the afternoon consumer confidence in the euro area will be published in April.
Still on the commodity front, gold is back on the rise. The precious metal is trading this morning at $ 1,706 an ounce, up 1.8%.
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Carlo Verdelli
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