France’s stock market plunged by far-right – massive sell-off of stocks, €186bn loss in one week

Stock market indices in Paris continue their downward trend amid fears that Marine Le Pen will take power in France.

The CAC 40 index “sunk” again by 2.7%, while intense pressure is being exerted on oil prices.

“The French spread has reached a 17-year high and the current situation could develop into an economic crisis for the country,” the French finance minister said earlier today, his statement reflected in indices.

In the week we’re going through, the stock is down 6%.

France: Worst stock market week since 2022

It was the stock market’s worst week since 2022, losing 186 billion in market capitalization, but the world’s biggest decliner this week, with all 40 stocks in the index falling.

Analysts stress that the rise of the far right or left could mean more government spending at a time when France is already struggling to control its budget deficit.

“The election game is moving forward and crystallising a toxic set of risks, threatening a long-term dysfunction in the EU and possibly a new euro crisis,” Krishna Guha, vice president of Evercore ISI, told Bloomberg.

France: Le Pen stokes fire on right – Gaulish sacks LR Ciotti, calls on MPs

Macron’s party risks a major defeat in parliamentary elections after a coalition of left-wing parties.

French government bonds are heading for their worst week in about 13 years, according to Bloomberg, but worse is yet to come as yields widen further and gloom over the euro and regional debt.

Europe collapses, America wins

Meanwhile the euro slipped against the dollar, while the Stoxx 600 index is on track for its worst week since last October, with the German, Italian and Spanish indices all losing significant ground.

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In contrast, Wall Street’s S&P 500 rose 1.6% this week to hit a new all-time high.

The CAC 40 index fell to 7,503 points, but at the same time pressures were intense on other European stock markets.

Italy’s MIB index lost 2.8% to 32,668 points, London’s FTSE 100 fell 0.21% to 8,146 points, Frankfurt’s DAX 30 lost 1.44% to 18,002 points and Europe’s Stoxx fell 600.971 points.

In commodity markets, Brent crude fell 0.2% to $82.57 a barrel, while WTI crude was down 0.3% to $78.36. In contrast, gold prices rose 1.1% to $2,342/oz.

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