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Fears multiply for the world economy after new tensions between the United States and China over the origin of the coronavirus. While waiting for “phase 2” to make its effects on the recovery felt, the demand for oil is still at stake. And the WTI falls below $ 19 again. Atlantia collapses in Piazza Affari
by Enrico Miele and Cheo Condina
3 ‘reading
European stock exchanges travel in red after the resumption of trading after the long weekend of May 1. Concerns about the trend of the economy weigh on the global charts (the first quarter was the worst in more than 100 years of history for Western countries), but especially the new ones. tensions between the United States and China, which penalize Hong Kong in the red by 4%. The lists in China, Japan and Korea are closed on public holidays. Over the weekend, United States President Donald Trump, who also promised a vaccine for Covid later this year and an “incredible” 2021 for the economy, and Secretary of State Mike Pompeo returned to indict China. of creating the Covid first and then having hidden its real scope: for this reason, they threatened new tariffs against Beijing.
While oil is losing ground and Covid outbreaks have surpassed 3.5 million worldwide, Italy is now entering so-called “phase 2” after reaching a minimum of deaths yesterday (174) since the beginning of the pandemic. Finally, it is expected on Tuesday May 5 when the German Constitutional Court will issue its verdict on the ECB’s Qe. Finally, during the session, investors will carefully monitor indications from confidence indices in the manufacturing sector in Europe.
Oil, tensions between the United States and China weigh on demand
After last week’s gains, oil prices fall again. The concerns are concerns about the excessive availability of crude oil due to demand in the severe crisis and trade tensions between the United States and China that could slow the global economic recovery (although in many countries the so-called “phase 2” is taking off in these hours). June WTI futures are trading at $ 18.3 a barrel, down 7%. Prices in North Sea Brent, due July, fall 2% to $ 25.9. The trend is opposite to that of last week, a period in which the benchmark oil contract for the US. USA It increased by 17%, while Brent registered + 23%.
Spread with Bund rising to 243 points
Launch due to the differential between BTp and Bund in the secondary market Mts of government bonds, until recovery after the break. The performance differential between the 10-year BTp benchmark that expires in August 2030 and the same German duration increases to 244 basis points from 239 basis points from the last benchmark. The benchmark 10-year BTp yield also increased to 1.88%, a sharp increase from 1.81% since the last close.
But April was a record for the price lists.
However, the stock markets have returned from a month of April in net recovery in all the major markets from Wall Street, which recovered 15% in the S&P 500 index and more than 18% in the Nasdaq, which practically reduced the losses. since the beginning of the year. The rebound in global stock markets, which recovered about 30% from the mid-March lows, remains hostage to a negative stream of news on the economic front with numbers continuing to confirm the large account inherited from the pandemic.
