European stocks extend slide as French protests dent risk appetite

EUROPEAN shares extended losses on Tuesday (Oct 20) as investors weighed the impact of political instability in France, which has dampened risk appetite across regional markets.

The pan-European Stoxx 600 index was down 0.27 per cent at 637.84 points by 0709 GMT, after slipping 0.8 per cent in the previous session. France’s benchmark CAC 40 index edged 0.2 per cent lower.

Late on Monday, French authorities set curfews in parts of several cities including Paris, Lille and Nice after a weekend of riots and looting stemming from nationwide anti-government protests.

The protests have intensified pressure on the euro zone’s second-largest economy, which is grappling with soft economic growth and ballooning government debt. The unrest also underscores the challenges the government faces in reducing its large deficit.

Elsewhere, investors assessed a raft of corporate earnings reports.

French cloud operator OVHcloud jumped 8.5 per cent after reporting its first positive levered free cash flow since its 2021 listing, as its revenue grew 7.2 per cent to 1.15 billion euros (US$1.29 billion) in the financial year through August.

SEE ALSO

European shares slip as France unrest dents sentiment

US stocks: S&P 500, Nasdaq open higher as AI stocks rebound ahead of major earnings

The Business Times turns 50

Five decades of milestones and moments that shaped Singapore’s success story - told through our headlines.

Explore BT50»

Shares of Barco dropped 12.9 per cent after the visualisation technology company forecast full-year sales to come in slightly below last year’s levels, with an EBITDA margin of about 11 per cent. REUTERS