Italian Shares on A Rise as Asian Stocks Keep Falling

Concerns about an economic slowdown caused Europe’s STOXX 600 index to decline for the third session on Monday. At the same time, Italian equities gained as the right-wing alliance led by Georgia Meloni appeared to be winning the country’s general election.

The STOXX 600 index for the whole continent was down 0.3% as of 07:13 GMT. It continued a slide that began last week as poor euro zone data indicated an economic slowdown and increased concerns over hawkish CB actions. As a result of falling crude and metal prices brought on by an escalating dollar and worries about dropping demand owing to the global recession, oil and gas and mining equities declined 1.1% and 2.1%, respectively.

Before the September business mood data at 8:00 GMT, the main indicator in Germany fell 0.1%. However, when the center-right coalition gained a commanding majority in both chambers of parliament in Italy’s midterm elections, the FTSE Mib index increased 0.7%, driven by advances in banking sectors. Given her Eurosceptic history and her supporters’ conflicted views on Russia, European financial markets will closely examine Meloni’s initial steps, starting with her cabinet appointments. Italian shares increase as commodity stocks drive down Europe’s STOXX 600 indexes.

Fluctuations in Asian Markets

On Monday, most Asian stock markets continued to decline as investors sold risky investments out of concern that rising interest rates and excessive inflation may spark a worldwide crisis. The worst hit stock exchanges were those in South Korea, Japan, and Taiwan, where losses from the previous week rose by 2% to 3%.

The Hang Seng index in Hong Kong sank 1.1% to an 11-year low. Meanwhile, India’s blue-chip Nifty 50 index plunged 1.6% to a month low level. The sharp selloff on Wall Street last week, spurred by hawkish signals from the Federal Reserve and following a barrage of dismal European and UK business activity data, was generally mirrored by regional markets.