Chinese stocks under pressure, crude oil fluctuates

Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are performing in intraday trading.

Video transcript


JARED BLIKRE: Welcome back to Yahoo! Finance. And let's bring in Yahoo! Finance's Ines Ferré for more on the markets. A mixed market so far on this Black Friday. What are you watching?

INES FERRÉ: Yeah, that's right, Jared. I have been watching the Chinese ADRs. And let me pull up the chart here on our YFi Interactive. So we can just take a look at these stocks, a lot of pressure right now is what we're seeing. BABA down 3 and 1/2%. down 4%.

You've got the rising COVID cases in China. And these Chinese ADRs are now in line for their first weekly decline this month because over the last month, they had done relatively well. I'm gonna pull up a-- this is a 26-day chart here.

You've got Wall Street analysts that have been recently putting out some bullish notes on Chinese stocks. You've got B Of A recommending Chinese stocks as a buy for 2023. Citigroup, Morgan Stanley also came out with some positive notes.

But these lockdowns in China have really been relentless, as far as-- or the COVID cases, I should say. And these easing lockdowns but then you've got now community lockdowns happening. So all of these impacting these Chinese ADRs, guys.

BRIAN SOZZI: Ines, you're also watching energy prices.

INES FERRÉ: Yeah, that's right. I have been watching crude oil. We're gonna take a look right now at Brent Crude and WTI because we're seeing WTI that's up. Brent Crude is down just slightly. But we are just hearing headlines from what's happening in Europe.

There's no compromise yet on a European natural gas prices. Another meeting is set for mid-December. And as far as the G7 is concerned and the price cap that the G7 is planning to put on Russian oil, well, that price cap, reportedly, is a little bit higher than expected, than what the market was expecting. Because the prices that they're considering now as a cap are basically similar to what Asia is paying for those prices.

So we've seen a lot of volatility when it comes to oil over the last-- you can just-- I'm just pulling up a six-day chart here. But nonetheless, we've been watching these oil prices, given all those headlines coming out of Europe, guys.