French Election Dampened European Stock Markets, While Inflation Jittered

European Stock Markets
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European stock markets were flat on Monday as investors pondered the implications of tighter monetary policies on the global economy, while French stocks trailed after Sunday’s vote saw President Emmanuel Macron lose control of the National Assembly.

The pan-European STOXX 600 indices (.STOXX) was up 0.01 percent by 0714 GMT, with a U.S. holiday likely making for bumpy trading. The benchmark had fallen 4.6 percent last week in a global sell-off that was spurred by worries of a recession.

France’s CAC 40 (.FCHI) dipped 0.1 percent after Macron’s centrist Ensemble alliance came well short of the absolute majority needed to govern parliament, a stunning setback that could put the country into political paralysis.

The country’s main banks, including Societe Generale (SOGN.PA), BNP Paribas (BNPP.PA) and Credit Agricole (CAGR.PA), lost nearly 1 percent each.

French company Renault (RENA.PA) rose 3.6 percent after Jefferies upgraded the stock to “buy”.

Swedish gardening power equipment company Husqvarna (HUSQb.ST) declined 1.8 percent after it reported production in the second quarter had been restricted by persistent component supply shortfall.

News Source: https://www.reuters.com/markets/europe/european-stocks-muted-french-election-inflation-jitters-2022-06-20/

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