CAC 40 Slides 0.65% On Oil Surge, Tech Selloff
(RTTNews) - France's equity benchmark CAC 40 drifted lower on Monday, extending recent losses, as oil prices rose sharply on supply concerns following Saudi Arabia suspending operations a crucial pipeline after recent drone attacks.
A sell-off in the tech sector following warnings of a potentially large-scale AI-driven cyberattacks hurt the market. The postponement of talks between Iran and several Gulf nations, and caution ahead of key central bank meetings also contributed to the drop.
Brent crude futures climbed to $108.65 a barrel before easing to $107.50 (still up sharply by about 2.75% over previous close).
The CAC 40 was down 52.79 points or 0.65% at 8,126.98 nearly an hour past noon.
STMicroelectronics tumbled 6.5%. Schneider Electric lost nearly 6% and Legrand shed 5.6%.
ArcelorMittal, Safran and Stellantis lost 2.7%, 2.5% ad 2.3%, respectively. Airbus, Societe Generale, Engie and Saint-Gobain shed 1.6%-1.9%.
Eiffage, Veolia Environment, BNP Paribas, Legrand, Michelin, Accor, Vinci and Credit Agricole also drifted lower.
Capgemini surged 6.5%. Dassault Systemes moved up 4.5%, while Pernod Ricard and Publics Group climbed 3.9% and 3.5%, respectively.
Eurofins Scientific, Sanofi, Euronext, Orange, Carrefour, Danone, Thales, Hermes International, AXA, Bureau Veritas, Renault and TotalEnergies also moved notably higher.
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