CAC 40 Flat As Oil Prices Rise On Middle East Conflict
(RTTNews) - French stocks are struggling for direction Monday morning as escalating tensions in the Middle East and the resultant surge in oil prices rendered the mood cautious.
Fed Chair Kevin Warsh's hawkish tone during his speech at Jackson Hole Economic Symposium last week weighing as well on sentiment.
Warsh noted that inflation remains elevated and there might be a need to tighten policy if inflation does not show signs of easing.
In Middle East news, American forces targeted two rocket launches on Iran's Larak Island, killing and wounding several Iranian fighters and civilians. Washington "took limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz," the U.S. Central Command said.
Iran's Islamic Revolutionary Guard Corps (IRGC) said it subsequently launched attacks on U.S. military bases in Jordan.
Brent crude futures rose to $90.78 a barrel, and were at $90.76 a little while ago, gaining a little over 3% from previous close.
The benchmark CAC 40 was up 5.11 points or 0.06% at 8,406.29 a few minutes ago.
Total Energies climbed 1.4% thanks to higher oil prices. Pernod Ricard moved up 1.5%, while Michelin, Societe Generale and Stellantis gained 1%-1.2%.
Renault, Orange, BNP Paribas, Credit Agricole and Air Liquide advanced 0.5%-0.8%. Engie, Bouygues, Veolia Environment, Carrefour and Saint-Gobain also moved higher.
Legrand, Dassault Systemes, Unibail Rodamco, Airbus, Safran, Schneider Electric and EssilorLuxottica dropped 0.4%-1.2%.
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