CAC 40 Retreats as Oil Rally Resumes
The CAC 40 fell 1.5% to close at 8,065 on Friday, retreating after two consecutive sessions of gains as oil prices pared losses. The oil rally resumed after satellite imagery and industry sources indicated that three pumping stations serving Saudi Arabia’s vital East-West Pipeline were damaged in last week’s attack, one more than previously assessed, while the repair timeline remains uncertain. Luxury stocks fell amid higher risk aversion, with Hermes losing 3.2%. French bond yields moved higher amid concerns over energy-driven inflationary pressures. Financials also declined, with BNP Paribas down 2.9%. Meanwhile, the Fed and the BoJ raised rates earlier this week, while the BoE left interest rates unchanged. Still, traders pared back bets on further ECB tightening despite the Fed’s more hawkish stance, as concerns that persistently high energy prices could weigh on economic growth and eventually temper inflationary pressures. The CAC 40 shed 1.4% on the week.
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5% to close at 8,065 on Friday, retreating after two consecutive sessions of gains as oil prices pared losses. The oil rally resumed after satellite imagery and industry sources indicated that three pumping stations serving Saudi Arabia’s vital East-West Pipeline were damaged in last week’s attack, one more than previously assessed, while the repair timeline remains uncertain. 2%. French bond yields moved higher amid concerns over energy-driven inflationary pressures.
9%. Meanwhile, the Fed and the BoJ raised rates earlier this week, while the BoE left interest rates unchanged. Still, traders pared back bets on further ECB tightening despite the Fed’s more hawkish stance, as concerns that persistently high energy prices could weigh on economic growth and eventually temper inflationary pressures. 4% on the week.