BRUSSELS (dpa-AFX) - After drifting down earlier in the session, France's benchmark index CAC 40 edged above the flat line around late morning on Monday amid stock specific buying in largely cautious trade as investors awaited crucial quarterly earnings updates.
Higher oil prices amid rising U.S.-Iran tensions also contributed to the cautious mood in the market.
Oil prices jumped 2% amid concerns over potential supply disruptions after the U.S. launched fresh strikes against Iran.
The U.S. military launched another round of strikes against Iran overnight and early Monday 'to degrade their ability to attack commercial ships freely transiting the Strait of Hormuz,' after an Iranian strike on a container ship in the critical waterway the day before.
Iran responded to these strikes by attacking Gulf Arab states, including Bahrain, Kuwait, Qatar, Jordan and Oman, further straining a fragile ceasefire between the two countries.
The CAC 40, moving between 8,306.64 and 8,352.44, was down 1.19 points at 8,337.78 a little while ago.
Orange climbed up more than 2%. TotalEnergies gained 1.8% and Capgemini advanced 1.3%.
Sanofi, Veolia Environment, Euronext, Credit Agricole, Dassault Systemes, Engie, Carrefour, Hermes International, Publicis Groupe, BNP Paribas and Societe Generale gained 0.4%-1%.
Renault edged up slightly after the High Court of Justice in England & Wales rejected all diesel emissions claims against the company. However, the stock pared early gains and dropped into negative territory, netting a loss of about 0.3%.
Jeep and Fiat owner Stellantis edged down marginally despite reporting a 10% increase in Q2 vehicle sales.
Pernod Ricard, Saint Gobain, EssilorLuxottica and Safran dropped 1%-1.25%. STMicroelectronics, Thales, Legrand, Eiffage, Schneider Electric and Airbus lost 0.6%-0.8%.
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