(BFM Stock Exchange) – The Parisian index finished in a clear drop for the second consecutive session, still weighted by the risk of censorship of the Bayrou government. Banks have particularly suffered.
In the space of just over 24 hours, the CAC 40 lost nearly 260 points or more than 3.25%. This Tuesday, the Parisian index finished down 1.7% to 7,709.81 points, after having already abandoned 1.59% the day before.
The Paris market continued to be weighted by political uncertainty after François Bayrou announced that he would submit his government to a vote of trust on September 8. Which opens the way to potential censorship.
Several political parties have also announced that they would not vote for confidence in the context of this ballot, including La France Insoumise, the National Rally, the Socialist Party or even environmentalists. The spectrum of a political blocking seizes markets again, consequently.
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Banks fell violently
“The ‘political shock’ revives the French sovereign risk and regulatory and budgetary uncertainty”, explains Antoine Fraysse-Soulier, market analyst for Etoro.
François Bayrou said this Wednesday that French elected officials would have the choice, on September 8, between “chaos” or “responsibility”.
Logically, the values ​​most exposed to political risk suffered. Banks first. Société Générale lost 6.8%, Crédit Agricole SA 5.4%, BNP Paribas 4.2%. Aren’t these movements a little exaggerated? We give elements of response in this article.
BTP groups and Vinci and Eiffage dealerships lost 5.8% and 7.9% respectively. Bouygues for its part has limited the breakage (-1.5%), helped in this sense by a note from JPMorgan which raised its advice to “overlying”, equivalent to buying, on the action.
More broadly, the shares exposed to France have tanned, such as Sopra Steria (-6.6%), which derives 42%of its income from France, or even the property developer Nexity, which lost 8.4%.
In the other markets, the euro resumes 0.3% against the dollar at $ 1.1654. Oil is clearly retreating. The October Brent of the Northern Sea contract abandons $ 66.83 per barrel while the same deadline on the WTI listed in New York loses 2% at 63.49 Dollars per barrel.
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