CAC 40 Edges Higher After Italian Election Results

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CAC 40 Edges Higher After Italian Election Results

(RTTNews) - French stocks edged higher on Monday, though a cautious undertone prevailed amid concerns about a possible recession.

Euro zone government bond yields hit fresh multi-year highs amid a fresh sell-off in British gilts after Chancellor of the Exchequer Kwasi Kwarteng announced the biggest package of unfunded tax cuts.

The spread between Italian and German yields widened after the rightist coalition won a clear majority in Sunday's general elections.

The benchmark CAC 40 was up 21 points, or 0.4 percent, at 5,804 after plummeting 2.3 percent on Friday.

Valneva SE shares jumped more than 4 percent. The vaccine maker focused on infectious diseases said it is in active discussions with a prospective partner for potentially funding the development of a potential second-generation COVID-19 vaccine. These ongoing talks may continue for several months and may not lead to an agreement, it said.

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FTSE 100 Up Marginally As Investors Look For Direction

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CAC 40 Drifts Lower In Lackluster Trade

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French stocks are down in negative territory on Monday as investors look for direction and make cautious moves while awaiting U.S. - Russia talks set to take place later in the week.
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UK Job Placements Decline Sharply On Weaker Confidence & Budget Pressures

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UK job placements logged a steep decline in July due to weaker confidence around the economic outlook and rising employment costs, monthly data from S&P Global showed Monday. Permanent staff appointments declined sharply in July and temp billings registered its biggest fall in five months, the KPMG/REC Report on Jobs said.
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