CAC 40 Drops As Oil Prices Surge On Iran Standoff
(RTTNews) - The French stock market's benchmark index CAC 40 slipped on Tuesday as concerns about high oil prices amid uncertainty over the reopening of the Strait of Hormuz rendered the mood cautious. Also, investors looked ahead to the inflation data from the U.S. for clues about the Federal Reserve's interest rate trajectory.
U.S. President Donald Trump said he has instructed American representatives to firmly include compensation demands from Iran in any future negotiations, complicating efforts to reopen the crucial waterway.
Brent crude futures climbed above $90 a barrel, gaining nearly 3%.
The CAC 40, which edged up slightly to 8,732.29 in early trades, was down 20.02 points or 0.23% at 8,706.01 about a quarter before noon.
Stellantis shed about 2.1%. Airbus eased by 1.4%, while BNP Paribas, Pernod Ricard, Capgemini, Euronext, Accor and Safran lost nearly 1%.
Vinci, Bouygues, Renault, Vinci, Bureau Veritas, Publicis Groupe, Danone, L'Oreal, Unibail Rodamco, AXA and Saint Gobai lost 0.5%-0.9%.
TotalEnergies moved up nearly 2%, riding on higher crude oil prices. Kering advanced 1%, while Thales, Societe Generale and Credit Agricole posted modest gains.
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