French Stocks Rise As Oil Prices Fall On Strait Of Hormuz Prospects
(RTTNews) - French stocks gained notable ground in positive territory on Tuesday as oil prices fell sharply amid prospects of a potential reopening of the Strait of Hormuz in the foreseeable future.
Investors looked ahead to U.S. President Donald Trump's speech at the UN General Assembly later in the day. U.N. Ambassador Mike Waltz told reporters that Trump's remarks would highlight peace deals the president has worked on, U.S. actions in the Western Hemisphere and progress on his 20-point peace plan in Gaza. It will also touch on the "importance of ensuring that Iran never has a nuclear weapon," Waltz said.
As the Saudi-Houthi conflict rages on, Trump is expected to meet Gulf leaders impacted by the war with Iran to discuss the conflict and focus on plans for a postwar strategy.
Brent crude futures dropped to $97.50 a barrel before edging up to $97.60, still down by a sharp 2.6%. WTI crude futures fell to $93.64 a barrel, losing about 2.2%.
The benchmark CAC 40 was up 45.10 points or 0.55% at 8,184.04 a little while ago.
ArcelorMittal moved up 2.5%. Capgemin, Kering, STMicroelectronics, Accor, Saint-Gobain, Bureau Veritas, Legrand, Safran and BNP Paribas gained 1.5%-2%.
Michelin, Eiffage, Dassault Systemes, L'Oreal, Credit Agricole, Danone, Bouygues, Unibail Rodamco and Airbus also moved notably higher.
TotalEnergies shed 1.7% as oil prices fell sharply. Orange drifted lower by 1.6%, and AXA eased by about 1.4%. Sanofi dropped 0.7% and Carrefour edged modestly lower.
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