French Stocks Hit 4-Month Low
The CAC 40 index dropped 1% to below 8,050 on Tuesday, extending losses from the previous session to hit a four-month low, as rising oil prices and global bond yields weighed on sentiment. Oil prices continued to climb, with Brent crude rising above $107 per barrel after attacks on Saudi energy infrastructure, adding to concerns over an already challenging inflation outlook. Higher yields further weighed on equities after the US 10-year Treasury yield reached 5%. Locally, France’s final inflation readings showed annual consumer prices accelerated to 2.4% in August from 2.1% in July, reaching a three-month high. Luxury stocks led the downturn, pressured by weaker Chinese demand and reduced access to the Middle East travel hub. LVMH dropped 2.2%, while Hermes fell 1.3%. In contrast, top gainers were Capgemini (6.61%), Dassault Systemes (4.99%) and TP (4.11%).
The CAC 40 index dropped 1% to below 8,050 on Tuesday, extending losses from the previous session to hit a four-month low, as rising oil prices and global bond yields weighed on sentiment. Oil prices continued to climb, with Brent crude rising above $107 per barrel after attacks on Saudi energy infrastructure, adding to concerns over an already challenging inflation outlook. Higher yields further weighed on equities after the US 10-year Treasury yield reached 5%. 1% in July, reaching a three-month high.
Luxury stocks led the downturn, pressured by weaker Chinese demand and reduced access to the Middle East travel hub. 3%. 11%).