CAC 40 Sinks 1.1 Percent as Violent Protests Rattle French Markets
(MENAFN) French equities led a broad retreat across Europe on Monday after a weekend of violent protests, leaving investors on edge heading into a packed week of corporate earnings.
The CAC 40 shed 1.1% as of 0800GMT. Unrest over rising living costs and decaying public services deepened worries about sluggish economic growth and a growing debt burden.
The pan-European STOXX 600 slipped 0.63% to 640.68 points, giving back ground after a gain of more than 2% last week.
Weekend unrest
Mass demonstrations swept France on Saturday, driven by anger over the rising cost of living and high fuel prices. Roughly 2,400 people were detained nationwide, and about 1,000 police officers, gendarmes and firefighters were hurt.
One protester died after falling ill in Paris. In Saint-Etienne, a 17-year-old boy lost his right hand to a crowd-control grenade.
Banks hit hardest
Bank shares were among the biggest decliners across the region. The eurozone banking index dropped 1.4%, while Spain’s bank-heavy IBEX 35 lost 1.21%.
Attention is also turning to earnings from major European and U.S. companies. Artificial intelligence-linked stocks sold off last week amid fears over mounting debt taken on to fund infrastructure spending.
Mowi bucked the trend, rising 4.1% after the Norwegian salmon producer reported record harvest volumes for the third quarter.
The CAC 40 shed 1.1% as of 0800GMT. Unrest over rising living costs and decaying public services deepened worries about sluggish economic growth and a growing debt burden.
The pan-European STOXX 600 slipped 0.63% to 640.68 points, giving back ground after a gain of more than 2% last week.
Weekend unrest
Mass demonstrations swept France on Saturday, driven by anger over the rising cost of living and high fuel prices. Roughly 2,400 people were detained nationwide, and about 1,000 police officers, gendarmes and firefighters were hurt.
One protester died after falling ill in Paris. In Saint-Etienne, a 17-year-old boy lost his right hand to a crowd-control grenade.
Banks hit hardest
Bank shares were among the biggest decliners across the region. The eurozone banking index dropped 1.4%, while Spain’s bank-heavy IBEX 35 lost 1.21%.
Attention is also turning to earnings from major European and U.S. companies. Artificial intelligence-linked stocks sold off last week amid fears over mounting debt taken on to fund infrastructure spending.
Mowi bucked the trend, rising 4.1% after the Norwegian salmon producer reported record harvest volumes for the third quarter.
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