CAC 40 Flat As Oil Surge Fuels Inflation Concerns
(RTTNews) - France's equity benchmark CAC 40 was slightly above the flat line a little past noon on Monday as investors made cautious moves amid concerns about inflation and growth due to rising oil prices amid renewed U.S. - Iran tensions.
Oil prices rose sharply on renewed concerns about energy supply as U.S. President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz and signaled possible new military strikes after midterm elections.
After publicly rejecting Iran's latest proposal to reopen the Strait of Hormuz and other demands regarding naval blockades and easing economic measures, Trump reportedly told aides he expects U.S. bombing to resume after midterm elections.
Iran's Foreign Minister Abbas Araghchi expressed hopes for a diplomatic solution, but warned the country is prepared for war with the United States to resume.
Brent crude futures front-month contract surged to $108.28 before easing to $107.91, still up 3.7% from previous close.
The CAC 40 was up 2.78 points or 0.03% at 8,080.58 about half an hour past noon.
EssilorLuxottica and Stellantis moved up 2.6% and 2.5%, respectively. Carrefour climbed 1.85%, while Euronext, Eurofins Scientific, Saint Gobain, Airbus and Dassault Systemes gained 1%-1.4%.
L'Oreal, TotalEnergies, Renault, Danone, Hermes International, Bureau Veritas, Pernod Ricard and Legrand posted modest gains.
ArcelorMittal dropped about 2.5%. Societe Generale shed 1.4%, while LVMH, Credit Agricole, BNP Paribas, Orange and Michelin drifted down 0.7%-1%.
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