CAC 40 Edges Higher In Cautious Trade
(RTTNews) - France's equity benchmark CAC 40 moved higher in cautious trade on Monday as investors followed Middle East news and looked ahead to the European Central Bank's monetary policy meeting this week for directional clues.
The market's upside was just modest due to escalating tensions in the Middle East with the U.S. continuing its strikes against Iran and Tehran responding by attacking targets across the Gulf region. Oil's retreat from early upmove aided sentiment a bit.
The CAC 40, which edged down to 8,316.38 earlier, was up 21.70 points or 0.26% at 8,361.51 slightly past noon.
Dassault Systemes, Publicis Groupe and ArcelorMittal gained 1.7%-1.9%. Schneider Electric, BNP Paribas, Societe Generale, Capgemini, Stellantis, Legrand, Vinci, STMicroelectronics, Credit Agricole and Kering climbed 1%-1.5%.
EssilorLuxottica, TotalEnergies, Eurofins Scientific, Bouygues, Eiffage and Air Liquide posted modest gains.
Euronext, LVMH, Safran, Airbus, L'Oreal and Orange drifted lower by 0.4%-1%.
In economic news, data from Eurostat showed Eurozone construction output increased by 1.2% year-on-year in May, marking the highest level in seven months, following a downwardly revised 0.2% gain in the previous month. On a monthly basis, construction output rose by 0.4% in May, accelerating from a downwardly revised 0.1% increase in the previous month.
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