CAC 40 Hits Four-Month Low
The CAC 40 index dropped 0.3% to close at 8,090 on Tuesday, extending losses from the previous session and hitting a four-month low as rising oil prices and global bond yields weighed on equities. Oil prices climbed after attacks on Saudi energy infrastructure, raising inflation concerns and expectations for interest-rate hikes. Higher yields also pressured equities after the US 10-year Treasury yield reached 5%. In France, the 10-year government bond yield climbed to its highest level since September 2008, during the global financial crisis. CPI data showed annual inflation up 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 2.6%, Hermes fell 2.8%, and Kering shed 1.5%. Financials also posted losses, with BNP Paribas losing 1.5%. Health-care stocks declined as well, with EssilorLuxottica down 2.2% and Sanofi losing 1.6%.
3% to close at 8,090 on Tuesday, extending losses from the previous session and hitting a four-month low as rising oil prices and global bond yields weighed on equities. Oil prices climbed after attacks on Saudi energy infrastructure, raising inflation concerns and expectations for interest-rate hikes. Higher yields also pressured equities after the US 10-year Treasury yield reached 5%. In France, the 10-year government bond yield climbed to its highest level since September 2008, during the global financial crisis.
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. 5%. 5%.
6%.