French CAC 40 Moves Into Red On Profit Taking

French stocks fell slightly on Monday as investors took some profits after strong gains in the previous session. Hopes of more economic stimulus to shore up global growth helped to limit the downside to some extent. Earlier today, China cut its benchmark lending rate for the second time this year to shore up the coronavirus-hit economy. The European Council is expected to announce a recovery fund this week, though debate continues over ways of financing. ECB officials have held high-level talks with counterparts in Brussels about opening a bad bank as a potential way to deal with a surge in non-performing loans, according to the Financial Times. In the U.S., Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi said Sunday the two sides were close on a deal to boost the small-business lending fund. The benchmark CAC 40 was down 10 points, or 0.22 percent, at 4.489 after rising as much as 3.4 percent on Friday. Airbus shares edged down slightly after reports that Germany will order 45 fighter jets from Boeing to replace aging Tornado jets. Mass media conglomerate Vivendi rallied 3.2 percent. The company reported that its total revenue for the first quarter increased 11.9 percent to 3.87 billion euros from last year's 3.46 billion euros. Ophthalmic company Essilor Luxottica rose half a percent after suspending dividend and announcing the launch of a 100 million euros Covid-19 fund to protect its human capital. Oil and gas company Total SA declined 1.6 percent as New York oil price collapsed below $15 a barrel, hitting the lowest level in more than two decades.

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