(RTTNews) - France's equity benchmark CAC 40 drifted lower on Tuesday as fading hopes for a U.S.-Iran peace deal and rising oil prices weighed on sentiment.
U.S. President Donald Trump said the fragile ceasefire between Washington and Tehran was on "massive life support," raising fresh doubts over the chances of a lasting truce.
Brent crude futures climbed to $107.60 a barrel, gaining nearly 3%
The CAC 40, which fell to 7,962.75 earlier in the session, losing nearly 100 points in the process, was down 48.09 points or 0.6% at 8,008.29 nearly half an hour past noon. 8,008.29
Societe Generale dropped about 2.7%. Capgemini and Schneider Electric lost 2.1% and 2%, respectively. Stellantis, Airbus, EssilorLuxottica, BNP Paribas, Publicis Groupe, AXA, Dassault Systemes, Hermes International, STMicroelectronics, Carrefour and Accor drifted down 1%-2%.
Kering climbed 1.8%. TotalEnergies gained 1.3%, while L'Oreal, Euronext and LVMH gained 1%-1.1%. Orange gained about 0.7%.
The ZEW Indicator of Economic Sentiment for the Euro Area rose by 11.3 points to -9.1 in May, beating market expectations of -20. The assessment of the current situation also improved, with the index rising 1.6 points to -41.4, while inflation expectations dropped 13.7 points to 65.3.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
