CAC 40 Tumbles Amidst Political Uncertainty
(RTTNews) - French stocks tumbled on Monday after French President Emmanuel Macron unexpectedly announced a snap legislative election.
Macron's decision comes after far-right Eurosceptic nationalists made gains in European Parliament elections.
The benchmark CAC 40 was down 137 points, or 1.7 percent, at 7,864 after falling half a percent on Friday.
Banks led losses, with BNP Paribas, Credit Agricole and Societe Generale falling 4-6 percent.
Airbus SE declined 1.1 percent. The planemaker announced that its Airbus Defence and Space unit has received a contract from Al Yah Satellite Communications Co. PJSC, or Yahsat, UAE's flagship satellite solutions provider, for its new geostationary telecommunications satellites, Al Yah 4 and Al Yah 5.
The contract includes two Airbus ARROW spacecraft platforms for future deployment in low Earth orbit.
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