CAC 40 Roughly Flat In Cautious Trade

(RTTNews) - French stocks are mostly subdued on Monday with investors refraining from making significant moves amid concerns about the impact of the ongoing conflict in the Middle East on global economic growth and central banks' monetary policy moves.

Rising crude oil prices due to potential supply disruptions weigh as well on sentiment.

Oil prices climbed higher amid concerns about supply disruptions due to the ongoing conflict in the Middle East. Brent crude futures rose to nearly $109.50 a barrel before easing to $107.60, still up 2.2% over previous close.

As the joint U.S.-Israeli war on Iran stretched into its second month, French central bank chief Francois Villeroy de Galhau said the European Central Bank is ready to act, but it is too early to discuss the timing of any rate hike.

France's benchmark index CAC 40 was down 1.30 points or 0.02% at 7,700.65 a few minutes before noon.

Bank stocks Societe Gernerale and BNP Paribas lost 1.7% and 1.1%, respectively. Credit Agricole shed about 0.6%.

Accor and Sanofi both shed about 1.4%. Capgemini, Renault, Saint Gobain, Schneider Electric, ArcelorMittal, Airbus, Hermes International, Michelin and Stellantis drifted down 0.4-1%.

Thales climbed more than 3%. TotalEnergies gained about 2.1%, while Engie and Danone moved up 1.9% and 1.8%, respectively.

Kering, Pernod Ricard, EssilorLuxottica, Veolia Environment, Vinci, Orange and AXA posted moderate gains.

A report from the European Commission showed the Eurozone Economic Sentiment Indicator dropped to 96.6 in March, down from a revised 98.2 in February and missing market forecasts of 96.8.

Euro Area consumer confidence was confirmed at -16.3 in March, the lowest since October 2023, down from -12.3 in the prior month.