MILAN – Iran rejects in no uncertain terms the proposed freeze on production and oil slipped back below $ 31 sinking world stock markets, from Wall Street to Asia, to the Old Continent. A freeze up crude oil prices, which attempted a rebound after the collapse last week below $ 30 a barrel, it was the oil minister in Tehran, Bijan Namdar Zanganeh, which he called “ridiculous” the proposal developed by Russia , Arabia, Venezuela and Qatar for a freeze on production levels in January. According Zanganeh, in fact, the proposal made by the four countries, which last week reached broad agreement in Doha to be realized before March 1, sets “unrealistic demands” to Iran.
“It ‘unrealistic – has He noted the minister – because they come with this proposed freezing them (Saudi Arabia, ed ) that produce 10 million barrels, against Iran “that it plans to increase production,” a million barrels. If Iran’s production declines, our place will be taken by neighboring countries. ” The exhausting war of position on the black gold market shows no sign therefore to be interrupted. Indeed, Saudi Arabia has indirectly responded to Tehran doing know that can cope with an oil price continue to fall up to $ 20. It said the oil minister, Ali al-Naimi, speaking at a conference in Houston, in the US.
In short, despite the weak demand offering will not drop. The prices have weakened significantly during the morning, but in the afternoon they have slightly reduced losses, and WTI is back in area $ 31 a barrel. In the week ended February 19 the US oil inventories rose by 3.502 million units to 507 607 000, but the law market positively the increase that was below expectations of the American Petroleum Institute (API), which yesterday had anticipated a upward of 7.1 million.
the weakness in crude oil prices weighs on all the lists. European ones do not escape to sales. In the end, Milan marks a red by 2.59% to below 17 thousand points. Paris lost 2.24%, London moves back of 1.69% and Frankfurt of 2.86%. Wall Street , returning from a day on the downside which has weighed heavily on lower oil prices, is a long downward before closing in positive: the Dow Jones rises 0.32% to 16,484, 31 points, the Nasdaq advancing 0.87% to 4542.61 points while the S & amp; P 500 scored a growth of 0.4% to 1,930 points. In the morning the Tokyo Stock Exchange sold 0.85%: on the Japanese list has also affected the recovery of the yen that penalizes exports titles.
‘ € back into the area 1.10 at the close of the markets, while continuing to strengthen against sterling on concerns of Brexit that weaken the UK currency. Against the euro, the British currency is trading at 79 pence per euro and collapses under $ 1.40 for the first time since March 2009. Confirming market tensions also arrive purchases on ‘ Gold , safe haven par excellence, rising to $ 1,248 an ounce at the close of European markets.
on the other hand, the fall in oil prices “has completely broken the business” of the oil producing countries system , currently confront “a completely new reality” admitted the director general of the international Monetary Fund (IMF), Christine Lagarde . The vice president of the Fed, Stanley Fischer, said that it is too early to assess the impact of market volatility on the economy, while the pressure rises on ECB. The European Central Bank will be held on March 10 at the height of the market turbulence, in the face of inflation that does not grow in spite of the monetary policy operations: the experts assume a new cut in interest rates by at least 10 points on deposits, but analysts believe that may not be enough.
spread is rising towards 140 basis points, with ten-year BTPs which make 1.53%. The Treasury has placed 900 million euro of BTPs indexed, just below the maximum of 1 billion, with a gross yield of 1.22%. From a macroeconomic perspective, the agenda of the day is rather low; in the Italian industry turnover falls in December by 3%, but the annual figure turned to profit, while the French consumer confidence falls in February from 97 to 95 points. In the United States data macro weigh down the stock markets: mortgage applications fell by 4.3% over the last week at an altitude of 521.5 points. E ‘fell more than expected sales of new homes in January: – 9.2% to 494mila units, after the boom of the previous month. Worse than the expectations of even the flash index of the services PMI for the month of February: rose to 49.8 points from 53.7 the previous year, when the market had expected a slight decline to 53.4 points. Continue the blows on the economic outlook of the Brazil : Also, Moody’s decided to downgrade the judgment on the country to junk.
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