Euro Hits 17-Month Low as French Debt Fears Sink Paris Stocks

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4▲1 ▼2Impact / 5
Summary · why it matters

The euro fell to its lowest level against the dollar in 17 months and the Paris stock market shed one percent Monday on growing concerns about France's high debt levels after an underwhelming government budget plan unveiled last week. The CAC 40 was also pushed lower by a 10 percent drop in the share price of Schneider Electric after the French software group said it would buy US peer PTC for $22.6 billion in cash. Spanish Prime Minister Pedro Sanchez on Monday called a snap election for November 29, after parliament rejected housing relief measures proposed by his minority government, with Spain's stock market edging up about 0.5 percent around midday. The oil market began the week calmer after G7 countries, in coordination with the International Energy Agency, agreed Friday to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by the US-Iran war, and Saudi Aramco chief executive Amin Nasser described oil stockpiles as "scarily thin." Asian stock markets closed higher, with regional stocks catching up with global gains Friday after a big miss on US jobs creation gave the Federal Reserve breathing room to hold off an interest rate increase this month.

Impact on assets 3

Artificial Intelligence▼ · 1 stocks
Schneider Electric S.E.
SU
▼ NegativeCapitalrelevance

Schneider Electric shares fell 10% after announcing a $22.6 billion all-cash acquisition of PTC.

Cloud & Digital Infrastructure▲ · 1 stocks
PTC Inc
PTC
▲ PositiveCapitalrelevance

Schneider Electric agreed to buy PTC for $22.6 billion in cash, a takeover premium for the target.

Others▼ · 1 stocks

Off-coverage companies 1

Saudi AramcoPrivate▼ Negative
Supplyrelevance

G7/IEA agreed to release 100 million barrels of diesel and crude, easing supply and pressuring oil; Aramco CEO called stockpiles scarily thin.

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