CAC 40 Tumbles On Energy Woes
(RTTNews) - French stocks fell sharply on Monday amid a deepening energy crisis in the region.
The EU countries' energy ministers will meet on Sept. 9 to discuss options to rein in soaring energy prices after Russia halted the flow of natural gas.
European gas prices soared 30 percent in early trading today as the energy crisis threatened to turn into an economic and financial crisis.
Investors were also reacting to data showing that France's dominant services sector lost more steam in August.
The benchmark CAC 40 was down 116 points, or 1.9 percent, at 6,051 after rising 2.2 percent on Friday.
Sanofi shares fell about 1 percent. The drugs group said it plans to name outgoing Société Générale boss Frédéric Oudéa as chair to replace veteran private equity executive Serge Weinberg at the next shareholders meeting.
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