(RTTNews) – French stocks are turning in a mixed performance in cautious trading on Wednesday amid persisting concerns about the impact of the ongoing Middle East conflict. Rising oil prices have raised inflation concerns and the possibility of rate hikes by the European Central Bank.
Some analysts are of the view that the ECB may raise interest rate twice this year.
Oil prices, which had tumbled on Tuesday, moved up today as the fighting in Iran continued to rage on, with the U.S. and Israel exchanging air strikes with Iran across the Middle East. Benchmark Brent crude futures climbed a little over 4% in European trade and WTI contracts surged 4.5%.
The benchmark CAC 40 was down 46.32 points or 0.57% at 8,011.04 a few minutes ago.
Safran, Unibail Rodamco, Thales, L’Oreal and Euronext are down 1%-1.25%. EssilorLuxottica, Airbus, Accor, Stellantis, Engie and Hermes International are down 0.8%-0.9%.
ArcelorMittal, Bureau Veritas, Schneider Electric, Dassault Systemes, Legrand, Air Liquide and AXA are also down in negative territory.
Among the gainers, Renault has moved up 2.3%. Capgemini and BNP Paribas are up 1.5% and 1.4%, respectively. TotalEnergies, Veolia Environment, Credit Agricole, Michelin and Societe Generale are up with modest gains.
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