CAC 40 Climbs To 5-Month Peak On Iran De-escalation, Oil Drop
(RTTNews) - France's equity benchmark CAC 40 climbed to a five-month high on Monday amid easing geopolitical concerns after U.S. President Donald Trump cancelled planned military strikes on Iran and said there is a 'good chance' of progress in talks aimed at ending months of fighting.
A sharp drop in crude oil prices contributed significantly to improved appetite for riskier assets such as equities.
Brent crude futures fell to $81.55 a barrel before recovering to $83.90, still down more than 4.5% from previous close.
The CAC 40 was up 119.21 points or 1.4% at 8,628.85 a few minutes ago.
Airbus, Safran, Vinci, Bouygues, Dassault Systemes and ArcelorMittal climbed 2.5%-3%.
Accor, Legrand, Renault, Saint Gobain and Societe Generale gained 2%-2.3%. Stellantis moved up nearly 2%.
Eiffage, Schneider Electric, BNP Paribas, Michelin, Sanofi, Thales, Hermes International, Publicis Groupe, Credit Agricole, EssilorLuxottica, LVMH and Veolia Environment advanced 1%-1.8%.
TotalEnergies fell 2.1% after the energy major agreed to acquire Shell's 4 GW renewables business while selling a 50% stake in a 1.2 GW renewables portfolio to KKR.
Euronext shed nearly 1%. Carrefour, Engie, Orange and AXA declined marginally.
In economic news, data from S&P Global showed the S&P Global France Manufacturing PMI fell to 49.8 in July from 51.2 in June, signaling a renewed deterioration in factory activity after the preliminary estimate had pointed to stagnation. products.
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