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Markets in Europe and U.S. Slip; Oil Also Declines

By THE ASSOCIATED PRESS-NYTimes.

Published: March 14, 2011

Oil prices declined to just above $100 a barrel on Monday and shares on equity markets in Europe and on Wall Street were also lower as investors tried to assess the economic fallout from the earthquake, the tsunami and the nuclear-power disaster.

Earlier, exchanges in Tokyo fell sharply but steadied as the Bank of Japan moved to pump $183 billion of extra cash into the banking system.
Developments elsewhere were more muted — an indication that investors think the costs facing Japan may not spill over significantly. Other markets in Asia moved modestly.
In Europe, sentiment was partly supported by the agreement, announced over the weekend, of a broad package of measures to ease the government debt crisis that has already forced Greece and Ireland into seeking bailouts.
On Wall Street, the Dow Jones industrial average was down 73.23 points, or 0.61 percent, while the broader Standard & Poor’s 500-stock index lost 10.09 points or 0.77 percent. The technology heavy Nasdaq declined 18.65 points or 0.69 percent.
In the United States, Berkshire Hathaway, which is controlled by the billionaire investor Warren E. Buffett, said it would purchase the chemical company Lubrizol for $9 billion in cash.
In Europe, the FTSE in London lost 22.42 points ,or 0.38 percent, while the CAC 40 in Paris declined 34.65 points, or 0.88 percent. The DAX in Frankfurt declined 103.21 points, or 1.48 percent.
European shares were bolstered somewhat by the surprisingly broad European package of measures to deal with the government debt crisis that has over the past year threatened the existence of the euro currency. Euro zone leaders increased the size of the bailout fund — the so-called European Financial Stability Facility — and lowered interest rates on the loans that Greece has taken out. They also revealed that the bailout fund can buy bonds directly from governments in exceptional circumstances but only if those countries agree to further austerity measures.
In the oil markets, benchmark crude for April delivery was down 72 cents at $100.44 a barrel in New York trading. The contract slipped as low as $98.47 earlier and lost $1.54 to $101.16 on Friday. In London, Brent crude was down 10 cents at $113.74 a barrel.
Three of Japan’s five largest refineries have reportedly been shut down, which is expected to crimp demand for crude. Japan is the world’s third-largest consumer of crude oil at 4.5 million barrels a day, the second-largest net oil importer and the biggest importer of liquefied natural gas and coal.
“This disaster has in effect temporarily frozen the world’s third-largest economy,” Richard Soultanian of NUS Consulting said. “It seems clear that Japan’s appetite for crude oil may be diminished in the near-term which should provide previously unforeseen slack in international oil markets.”
On the other hand, analysts said diesel use in Japan could be on the rise.
“The demand for diesel fuel to generate electricity should be higher, as the rationing of power is likely after numerous nuclear power stations have been switched off,” said a report from Commerzbank in Frankfurt.
Traders were also in a selling mood after disappointing February retail sales data in the United States on Friday, which suggest the recent jump in crude prices is beginning to hurt demand for gasoline.
Investors had been concerned about possible unrest in Saudi Arabia, the largest supplier of oil in the OPEC cartel, but police prevented a protest organized by pro-democracy activists on Friday in the capital, Riyadh.
“The Libyan war still rages on, but in and of itself, will likely not be sufficient to re-spark the rally in crude given that the Saudis have stepped up to replenish the market with extra barrels, and more critically, have escaped — at least for now — the debilitating impact of the massive demonstrations that have swept other countries in the region,” Edward Meir at MF Global said.