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by Fabrizio Patti 22 May 2020 The repercussions on the markets of the announcement of the spokesman of the National Congress of the Chinese People are heavy. Beijing said he intends to introduce a national security law in Hong Kong. The Hang Seng index of the former British colony drops by 5.7%, the indices in Shanghai (-1.9%), Tokyo (-0.8%) and Seoul (-1.4%) are also negative. Tensions between China and the United States also rise financially. The Senate in Washington on Wednesday voted in favor of a law that makes it more difficult to list companies that do not comply with US accounting standards, including many Chinese. Yesterday Wall Street closed down (Dow Jones -0.4%), also with the Nasdaq (-0.97%), where the Chinese Alibaba is listed. In Milan yesterday the Ftse Mib fell by 0.73 percent. At the opening it marks -1.25%. London -2%, Frankfurt and Paris -1.5%. Oil also fell: -5.2% for the American WTI, which returned to $ 32.1 a barrel after a bullish trend of a few weeks. The North Sea Brent drops 4%, to $ 34.7 a barrel. In Piazza Affari there was a drop for all sectors with the exclusion of the health sector (+ 0.15% for the Ftse All Share Health Care index). Among the individual stocks, dips close to 3% for Salvatore Ferragamo and Moncler, fashion brands sensitive to the geopolitical tensions between the United States and China, as well as Pirelli, which today records the biggest drop (-3.18%). Oil prices also fell: Saipem -2.7%, Eni -2.3%. The diagnostic company Diasorin went against the trend, + 0.7%.Hong Kong's security law drags down global stock exchanges
2020-05-22T07:55:04.467Z
The repercussions on the markets of the announcement of the spokesman for the National People's Congress of China are heavy. Beijing said he intends to introduce a national security law in Hong Kong. The Hang Seng index of the former British colony drops by 5.7%, the indices in Shanghai (-1.9%), Tokyo (-0.8%) and Seoul (-1.4%) are also negative. Tensions between China and the United States also rise financially. The Senate in Washington on Wednesday voted in favor of a law that makes it more difficult to list companies that do not comply with US accounting standards, including many Chinese. Yesterday Wall Street closed down (Dow Jones -0.4%), also with the Nasdaq (-0.97%), where the Chinese Alibaba is listed. In Milan yesterday the Ftse Mib fell by 0.73 percent. At the opening it marks -1.25%. London -2%, Frankfurt and Paris -1.5%. Oil also fell: -5.2% for the American WTI, which returned to $ 32.1 a barrel after a bullish trend of a few weeks. The North Sea Brent drops 4%, to $ 34.7 a barrel. In Piazza Affari there was a drop for all sectors with the exclusion of the health sector (+ 0.15% for the Ftse All Share Health Care index). Among the individual stocks, dips close to 3% for Salvatore Ferragamo and Moncler, fashion brands sensitive to the geopolitical tensions between the United States and China, as well as Pirelli, which today records the biggest drop (-3.18%). Oil prices also fell: Saipem -2.7%, Eni -2.3%. The diagnostic company Diasorin went against the trend, + 0.7%.
Source: rainews