(RTTNews) - France's equity benchmark CAC 40 fell sharply on Friday, as stocks tumbled on concerns about the conflict in the Middle East, and disappointment over a lack of concrete outcome so far from the U.S.-China summit in Beijing.
A bit of profit taking after recent gains contributed as well to market's decline.
Concerns about Hormuz Strait linger despite Iran's Revolutionary Guards' claim that around 30 vessels had crossed the strait since Wednesday evening.
U.S. President Donald Trump said he will not be much more patient with Tehran. Trump's tougher stance on the Middle East issue has raised fears that the US could resume strikes on Iran.
Oil prices climbed nearly 4%, triggering inflation concerns.
The CAC 40 was down 110.66 points or 1.37% at 7,971.61 a few minutes past noon.
STMicroelectronics fell more than 5% on profit taking. ArcelorMittal dropped by about 4.5%, while BNP Paribas, Safran and Schneider Electric drifted down by 2.7%-3%.
Accor, Stellantis, Saint Gobain, Societe Generale, Credit Agricole, Airbus, Kering and Legrand lost 1.7%-2.3%. Veolia Environment, Engie, Vinci, Michelin, Bouygues, Unibail Rodamco, LVMH and Eiffage also drifted notably lower.
Sanofi gained nearly 1%. Renault advanced 0.6%, while Dassault Systemes, TotalEnergies and Danone edged up marginally.
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