French stocks were little changed in cautious trade on Monday as markets continued to see the reflation trades unwound.
Tapering fears dented sentiment after a Fed official said inflation risks may warrant higher interest rates by 2022, a year sooner than his colleagues’ projections.
The benchmark CAC 40 was little changed at 6,563 after ending 1.5 percent lower on Friday.
Banks led losses, with Societe Generale losing 1.3 percent on concerns that they could face challenges in their bond portfolios in a rising interest rate regime.
Vivendi shares rose half a percent. Hedge-fund billionaire William Ackman’s Pershing Square Tontine Holdings Ltd. has agreed to acquire 10 percent of Universal Music Group from the French media conglomerate for about $4 billion, the companies said in a statement on Sunday.
EssilorLuxottica SA shares were slightly lower. The ophthalmic company announced the renewal of its exclusive license agreement with American luxury lifestyle brand Tory Burch.
The agreement is for the development, production and worldwide distribution of sunglasses and prescription frames under the Tory Burch brand.
Market Analysis
CAC 40 Little Changed As Investors Unwind Reflation Trades
2021-06-21 09:13:57
