CAC 40 Climbs As Oil Prices Fall On Middle East Diplomatic Hopes
(RTTNews) - France's equity benchmark CAC 40 moved higher on Monday as stocks gained in strength amid slightly easing concerns about inflation after oil prices fell sharply on hopes for diplomatic progress to ease tensions in the Middle East.
Ahead of a crucial meeting between U.S. President Trump and Gulf-state leaders on the sidelines of the United Nations General Assembly, Trump warned Iran that it would fail economically or face its leadership being wiped out if it didn't make a deal.
Trump indicated potential for a meeting with Iranian President Masoud Pezeshkian in New York, adding that very big things could happen soon and he is in a "deciding mode" on military action, continued economic pressure or a deal.
Brent crude futures dropped to 101.19, losing more than 2.5%.
The CAC 40 was up 79.06 points or 0.98% at 8,144.08 a little over half an hour past noon.
STMicroelectronics climbed 3.75%. Schneider Electric moved up 3.6%, while Capgemini and Legrand gained nearly 3% over their previous closing levels.
Societe Generale gained 2.7% after raising its profitability target for 2029. The lender expects revenue growth of approximately 3% on average between 2026 estimated and 2029. ROTE is expected to be between 13% and 14% in 2029 and more than 15% in 2030 and beyond.
Euronext, Safran and Dassault Systemes advanced 2.1%, 2% and 1.8%, respectively. Eurofins Scientific, EssilorLuxottica and L'Oreal gained about 1.5%.
Stellantis, Saint-Gobain, LVMH, Vinci, Michelin, Air Liquide, Eiffage, Accor, Credit Agricole Airbus and BNP Paribas also moved notably higher.
Kering dropped 2.1% and Engie drifted lower by 2%. Thales, Carrefour, Danone and Veolia Environment shed modest ground.
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