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CAC 40 Slides As Yields Extend Climb
(RTTNews) - French stocks declined on Friday, with a surge in U.S. bond yields and escalating Middle East tensions keeping investors nervous.
The U.S. 10-year Treasury yield briefly reached 5 percent for the first time since 2007 and oil prices climbed above $93 a barrel, stoking fresh concerns about inflation, interest rates and economic growth.
The benchmark CAC 40 was down 45 points, or 0.7 percent, at 6,876 after closing 0.6 percent lower on Thursday.
Media conglomerate Vivendi rose nearly 3 percent after its third-quarter revenues grew 2.5 percent to 2.43 billion euros from last year's 2.37 billion euros.
Ophthalmic company EssilorLuxottica edged ups slightly. The company's third-quarter total revenue declined 1.6 percent to 6.29 billion euros from last year's 6.39 billion euros. Revenues, however, grew 5.2 percent on a constant currency basis.
Beauty company L'Oreal fell about 1 percent after third-quarter sales came in below estimates.
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