French Stocks Turning In Mixed Performance In Lackluster Trade
(RTTNews) - French stocks turned in a mixed performance Monday morning with investors largely staying cautious amid uncertainty surrounding U.S.-Iran peace talks. Worries about inflation due to higher crude oil prices, and data showing a contraction in French manufacturing activity in the month of April weighed as well on sentiment.
Brent crude futures moved up more than 3% as Iran and the U.S. exchanged fire over the weekend, and Israeli troops captured the strategic site of Beaufort Castle in southern Lebanon in the deepest incursion into the country in more than a quarter-century.
Israelian Prime Minister Benjamin Netanyahu described the capture of the strategic fortress a "decisive shift" in Israel's campaign against Hezbollah.
French benchmark CAC 40 was up 2.61 points or 0.03% at 8,185.95 a few minutes before noon.
Schneider Electric moved up 3.3%, while Dassault Systemes, Capgemini and STMicroelectronics gained 2.2%-2.5%.
Legrand climbed 1.7%. ArcelorMittal, TotalEnergies, Engie and Societe Generale gained 0.8%-1.2%. BNP Paribas and Michelin posted modest gains.
Renault dropped by about 1.8% and Airbus shed 1.4%. Thales, Pernod Ricard, Stellantis, EssilorLuxottica, AXA, Euronext, Veolia Environment, Bouygues, Safran, Saint Gobain, Kering and Sanofi lost 0.5%-1.1%.
Data from S&P Global showed France's S&P Global Manufacturing PMI fell to 49.7 in May from 52.8 in April, slipping back into contraction, but above the flash estimate of 48.9.
Meanwhile, eurozone May final Manufacturing PMI reading came in at 51.6, dropping from 52.2 in April.
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