07 May '12, 8am

French stock market opens down 1.57% after Socialist win: #AFP

French stocks opened down sharply on Monday after Socialist candidate Francois Hollande's presidential election victory, although traders said they were more concerned about turmoil in Greece. The Paris stock exchange's CAC 40 index opened 1.57 percent down, having already tumbled 1.9 percent on Friday, amid concerns that European voters are hardening in their opposition to deficit-cutting austerity programmes. Traders said that the market had been expecting a Hollande win but was concerned about events in Greece, where the ruling coalition has lost its parliamentary majority to a series of anti-austerity parties. With no-one in Athens looking capable of forming a stable government and with radicals of the anti-capitalist left and neo-fascist right on the rise, the eurozone's plans to contain Greece's debt crisis are in peril. "It's not the victory of Francois Hollande in ...

Full article: http://sg.finance.yahoo.com/news/french-stock-market-open...

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