CAC 40 Modestly Lower In Cautious Trade Amid U.S.-Iran Tensions
(RTTNews) - French stocks turned in a mixed performance on Wednesday with investors mostly making cautious moves as oil prices and bond yields moved higher amid rising tensions in the Middle East.
Some upbeat earnings updates from big-name U.S. and European companies helped limit market's downside.
The benchmark CAC 40, moving between 8,320.13 and 8,377.12, was down 19.91 points or 0.24% at 8,346.94 about half an hour past noon.
Brent crude futures climbed to $86.55 a barrel. Despite easing to $85.21 a barrel, the contract was up nearly 0.6% a little while ago.
U.S. forces resumed the naval blockade against vessels transiting to and from Iranian ports and coastal areas, and President Donald Trump threatened to hit energy targets in Iran, deepening fears of a wider supply disruption.
U.S. forces will intensify their campaign in the coming days, targeting power plants and bridges if Iran refuses to sign a deal with Washington, Trump was quoted as saying by Fox News.
Iran's IRGC warned of targeting oil routes for U.S. allies after launching a pre-dawn strike on the U.S. AI-Azraq Air Base in Jordan.
In Paris, Carrefour dropped by about 2%. Air Liquide, Dassault Systemes, Danone and L'Oreal lost 1%-1.25%.
Orange, AXA, Airbus, Safran, Credit Agricole, Pernod Ricard, TotalEnergies and BNP Paribas slid 0.25%-0.8%.
Kering moved up more than 3%. Stellantis gained 2.1%, while LVMH advanced 1.3%. Capgemini, Bouygues, Saint-Gobain, Hermes International, Societe Generale, Eiffage, Renault and Michelin gained 0.5%-1%.
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