CAC 40 Sheds Almost Half A Percent

(RTTNews) - The CAC 40 benchmark that tracks the 40 largest French stocks based on the Euronext Paris dropped close to half a percent on Friday. Renewed selling pressure in technology stocks amidst growing concerns about the long-term sustainability of heavy AI spends as well as a weakness in luxury stocks weighed on sentiment.

CAC 40 is currently trading at 8,302.99, losing 0.45 percent from the previous close of 8,340.56. The day's trading has been between 8,275.04 and 8,331.96. The benchmark is however trading higher than previous Friday's close of 8273.84.

Amidst the weak sentiment, only 15 scrips in the 40-stock index are trading above the flatline.

Aerospace business Safran topped gains with an addition of 8.5 percent amidst strong financial results. IT services group Capgemini too added 4.3 percent on earnings boost. Eurofins Scientific as well as Euronext also recorded gains of more than 2 percent.

Societe Generale plunged close to 5 percent followed by L'Oreal that declined 3.8 percent. ArcelorMittal as well as BNP Paribas also recorded losses of more than 2 percent.

In the tandem with the softening in bond yields globally, bond yields in France too have declined. Yields on France's 10-year bonds dropped 0.45 percent to 3.353 percent, versus the level of 3.368 percent at the previous close. Yields ranged between 3.367 percent and 3.350 percent.

With the U.S. Dollar firming up ahead of the inflation update from the U.S., the 6-currency Dollar Index is currently at 97.04, rising 0.12 percent from the previous close of 96.93. The EUR/USD pair has slipped 0.08 percent to 1.1862. The pair ranged between 1.1873 and 1.1847. The EUR/GBP pair is trading at 0.8719, edging up 0.05 percent from the flatline. The EUR/JPY pair has jumped 0.33 percent to trade at 181.84.