CAC 40 Modestly Lower As US-Iran Conflict, Rate Concerns Weigh
(RTTNews) - France's equity benchmark CAC 40 drifted lower on Monday as uncertainty over the fragile ceasefire between the U.S. and Iran, concerns about interest rates amid higher oil prices rendered the mood cautious. Investors are also focusing on the Sintra Forum, an annual ECB event that focuses on central banking.
After renewed hostilities, the United States and Iran have agreed to halt military strikes against each other and meet on Tuesday in Doha, Qatar, to resolve their disputes over shipping routes and transit fees.
Meanwhile, Hezbollah's leader on Saturday pilloried the Israel-Lebanon framework agreement as "null and void" and warned its implementation would trigger civil war.
The Sintra Forum, being held from today through Wednesday (June 29-July 1), brings together central bank governors, academics, financial market representatives, journalists and others to exchange views on current policy issues and discuss the Forum's key topic from a longer-term perspective.
The CAC 40 was down 30.30 points or 0.36% at 8,354.57 a little while ago.
EssilorLuxottica, Vinci, Bouygues, Eiffage and Saint-Gobain dropped 2.1%-2.8%.
Eurofins Scientific, Renault, Airbus, Unibail Rodamco and LVMH drifted lower by 1%-1.7%. Michelin, Veolia Environment, Air Liquide, Accor, Credit Agricole and Orange shed 0.6%-0.8%.
STMicroelectronics climbed 3.6%. Publicis Groupe moved up 1.1% and Dassault Systemes gained 1%. Thales, Bureau Veritas, Capgemini and AXA posted modest gains.
Shares of biotech firm Ispen advanced 1.7% after the company agreed to acquire U.S. biotech Kartos Therapeutics in a deal worth up to $1.75bn.
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