PARIS, March 3 (Xinhua) -- Paris stocks fell sharply on Tuesday, extending losses from the previous session, amid heightened geopolitical tensions in the Middle East.
At around 13:00 p.m. local time, the benchmark CAC 40 index was down 2.71 percent, or 227.75 points, at 8,166.57 points, after having dropped more than 3 percent earlier in the session. On Monday, the CAC 40 had already closed significantly lower, down 186.43 points, losing 2.17 percent to end at 8,394.32 points.
The United States and Israel launched strikes against Iran on Saturday and the Trump administration has claimed that attacks on Iran could last weeks or even longer. Prevailing risk-averse sentiment triggered selling in the market.
Attention has shifted back to inflation risks stemming from the surge in crude prices, local analysts said, as Iran announced on Monday that the Strait of Hormuz, a strategic maritime oil route, has been closed.
Brent crude, the international benchmark, jumped about 9 percent to above 85 U.S. dollars per barrel on Tuesday, its highest level since July 2024.
According to French news channel BFMTV, 39 stocks in the benchmark Paris index were dragged lower on Tuesday amid the pronounced risk aversion. ■