Markets

CAC 40 Slumps Amid Virus Worries

(RTTNews) - French stocks tumbled on Monday as daily Covid-19 cases in the European Union and United Kingdom reached record highs of more than 45,000 on a 14-day notification rate.

There is a growing realization that it could take many years to manufacture enough of a coronavirus vaccine to immunize the entire world population. Top scientists don't expect a working vaccine to be completed before next year at the earliest.

The benchmark CAC 40 tumbled 134 points, or 2.7 percent, to 4,844 after declining 1.2 percent on Friday.

LVMH shares fell 2.3 percent. The luxury goods giant said it has submitted its $16.2 billion takeover deal for Tiffany & Co for an EU antitrust review.

Banks were coming under selling pressure after reports that several big global banks have moved staggering sums of illicit cash for shadowy characters and criminal networks over nearly two decades.

BNP Paribas dropped 4.3 percent, Credit Agricole gave up 4 percent and Societe Generale fell nearly 5 percent.

Travel-related stocks were also moving down, with Air France KLM losing 4.5 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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