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Frankfurt -8%, London – 7.95%. Dragged down by oil, the Gulf price lists also sink (Saudi Arabia -9.2%). Shanghai closes at – 3.01%
Milan, 9 March 2020 – It is a black Monday for the world stock exchanges (including Europe: very bad in Francofote, London and Madrid ) due to the planetary coronavirus epidemic and the collapse in the price of oil . The Asian stock exchanges collapse and in Italy the wave of sales that poured on Piazza Affari at the opening of the trading week, after the new government provisions to stop the infections from Coronavirus, did not open the trading on the Milan Stock Exchange. On the Ftse Mib, in fact, only Recordati opened at -8% and was immediately suspended, while the other 39 stocks are priceless. The Ftse Mib index marks an initial drop of 0.09% to 20,780 points with almost all the stocks in the main list that fail to make price for too much fall. Saipem and Eni, like others in the volatility auction, recorded declines of 29 and 21% respectively. Then Ftse Mib index on -2.05% after a few minutes from the start of trading. However, only a dozen stocks have so far opened, thanks to the strong price drops that cause them to be suspended. Among these, Generali -7.9%, Stm -9.8%, A2A -10.8%, Terna -6.9%. On the other hand, Italgas rose with a + 1.4%.
Asian markets
Bad news comes from the Asian markets. In addition to fears over the spread of Covid-19, the Chinese stock exchanges above all blame a thud for the collapse of oil after the failure to agree to OPEC and the price war started by Saudi Arabia which, defying Russia, has decided to increase production and to cut prices: the Composite index of Shanghai drops 3.01%, to 2,943.29 points, while that of Shenzhen loses 3.79%, at 1,842.66.
But it did not go better on the other squares . Tokyo closed in deep red with the Nikkei index of 225 leading stocks which marked a decline of 5.07% to 19,698.76 points. In Hong Kong, the Hang Seng index lost more than 4%. The Australian stock market was the worst day since the global financial crisis: in Sydney the Asx index left 7.3% on the field. Seoul collapses to -4.2%. The collapse in oil prices sinks the stock exchanges of the Gulf countries . The lists in Saudi Arabia (-9.2%), Dubai Abu Dhabi, Qaìtar and Kuwait, already in difficulty yesterday, suffered losses between 7 and 9%. The Saudi oil giant Aramco, which had fallen below the IPO price yesterday, leaves 10% on the ground.
Europe is also bad
Madrid loses 7% at the start. Frankfurt and London 8%. Oslo sinks (-12%).
The price of oil is falling
Oil prices plunged on fears of an oil war after OPEC and Russia failed to agree on a new cut in production and price support. The WTI fell 28.54% to $ 29.50 a barrel after hitting lows since 1991 , while Brent fell 26.51% to $ 33.27 a barrel.
