Paris stocks log eighth straight loss amid debt and energy worries

The Paris stock market's benchmark index, the CAC-40, continued its downward trend on Thursday, registering its eighth consecutive session of losses with a 0.57% decline. The market is grappling with persistent tensions in debt markets and growing concerns about the inflationary impact of energy prices.

The index opened with a slight increase but quickly turned negative, a trend that persisted throughout the day. Despite a brief attempt at a recovery in the final minutes, the CAC-40 closed at 8,453.09 points, failing to surpass the previous day's closing level. This latest drop means the index has accumulated losses of 2.21% over the past week, although it still holds a gain of 1.43% for the month and 3.80% year-to-date.

Traders closely monitored developments in U.S. Treasury yields following the U.S. Treasury's decision to double its government bond purchase program. Additionally, fluctuations in oil and gas prices, exacerbated by signs of escalating conflict in the Middle East, contributed to market uncertainty.

Among the notable stock movements, automotive manufacturer Stellantis experienced the steepest decline within the CAC-40, falling 3.86%. French luxury giants Kering, LVMH, and Hermès also saw significant drops, as did microchip maker STMicroelectronics. On the upside, laboratory testing company Eurofins recorded the most substantial gain, rising 3.06%, followed by tire manufacturer Michelin, beverage group Pernod Ricard, energy company TotalEnergies, and cosmetics giant L'Oréal.