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The main indices such as the French CAC 40 and the German Dax wipe sharp declines.
The Paris Bourse ended sharply lower Monday at -3.31%. The CAC 40 reflecting the 40 largest listed companies lost 140.93 points to 4,111.36 points in a volume of fed exchanges, € 4 billion. Friday, it fell by 0.48%. Among other European markets, Frankfurt dropped 2.99%, 2.00% London, Milan and Madrid 4.92% more than 3%.
“This is the real return in terms of trading volumes and difficult year begins,” commented Xavier Villepion, seller of shares in HPC.
Values oil threatened. The Paris index was very sensitive to the oil price evolution continued its fall in New York, its lowest level in nearly six years, which weighed on the sector, particular Total, one of the heavyweights of the CAC 40. “The oil decline is anxiety provoking for the markets because it is very fast, which destabilizes the positions of certain funds,” according to Renaud Murail, manager at Barclays Stock Exchange.
Greek elections worry. The euro area has worried the markets, especially US investors, while the euro sinks below $ 1.20. “Two themes haunt the euro zone markets, namely the hypothetical Greek exit from the euro and low inflation in Germany,” reflects an economy struggling in the region, said Xavier Villepion .
Wednesday dissolution of the Greek Parliament marked the beginning of an electoral and political deals sprint all-out for the parliamentary January 25 that could revive tensions within the euro zone if victory of SYRIZA leftist party. It wishes to renegotiate the debts of the Greek State. Markets are afraid of the judgment of reforms based on the austerity policies dictated by the EU and the IMF. And Chancellor Angela Merkel Sunday sparked controversy in Germany after a report that she was ready to let out Greece from the euro zone in case of coming to power of the radical left in this country.
Although the European Commission said on Monday that, from his point of view, membership of Greece in the euro is “irrevocable”, investors are worried about a possible exit from the single currency Athens , a hypothesis called “Grexit” (contraction of Greece and of the word “exit” means output in English).
The specter of German deflation. Other clouds au above the European markets: the threat of deflation. Germany on Monday issued a sharp slowdown in inflation in December (0.2% year on year, provisional figure), feeding fears of deflation and expectations of a rapid response from the European Central Bank (ECB).
Given the weight of Germany in the eurozone, with the figure for December will in turn be unveiled Wednesday German inflation is a follow-up by the market indicator. They fear that the Old Continent yield to deflation and its cycle of slowdown in investment and consumption.
Overseas, Wall Street accentuated its decline on Monday mid-session, watching with growing anxiety the rapid oil price fall and soaring dollar: the Dow Jones yielded 1.01% and the Nasdaq 0.80%. The index expanded S & amp; P 500, the most followed by professional investors, fell back 1.07% or 22.11 points to 2036.09 point
One of the indices. Oil traded in New York, WTI dropped below the psychological threshold of $ 50 per barrel. Crude prices, which have lost half their value since mid-June, burdened by oversupply and gloomy demand outlook had not changed under this threshold since spring 2009. “Such acceleration crude down is a sign of anxiety for the markets “because” the markets are always afraid of strong movements, “said Gregori Volokhine of Meeschaert New York
The collapse of oil prices is not by chance. It follows a conscious strategy followed by the Organization of Petroleum Exporting Countries (OPEC) to run the production of shale oil that compete.
This choice is imposed on the cartel by powerful members of the Gulf to counter the expansion of shale oil. It is expensive to produce. If oil prices continue to fall, it will be too expensive to operate. Some US companies, boosted by these new deposits, could end up suffer from the policy of OPEC. And above all, “the idea of Saudi Arabia is to deter all current research in Russia and China in shale,” says Christopher Dembik, economist at Saxo Bank in Paris.
Of course , oil countries lose revenue. But Saudi Arabia and Kuwait that require this course the rest of the OPEC countries have sufficient foreign exchange reserves to support this plan.
Venezuela and Algeria grimace
This is not the case however of Venezuela whose finances are suffering and was forced to order cuts. Algeria is also starting to stumble.
On December 28, the Algerian Minister of Energy has asked OPEC to cut production to raise prices. In Algeria, where oil taxation contributes 60% to the state budget, the oil price collapse has forced the government to adopt a first package of austerity measures, such as freezing the recruitment of officials.
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