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CAC 40 Extends Slide After SVB Collapse
(RTTNews) - French stocks fell on Monday to extend losses from the previous session in the wake of the Silicon Valley Bank (SVB) collapse and growing worries about the health of the U.S. financial system.
Over the weekend, the U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation said they would "fully protect" depositors, including those with assets above the federally guaranteed $250,000 limit.
The benchmark CAC 40 was down 85 points, or 1.2 percent, at 7,137 after closing 1.3 percent lower on Friday.
BNP Paribas, Credit Agricole and Societe Generale all fell around 2 percent. Sanofi SA shares declined 1.6 percent. The pharma and healthcare firm has inked a deal to buy Provention Bio, Inc. (PRVB) for $25 per share in cash or around $2.9 billion.
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