French Banks Fall as Inflation Surprises to the Upside
Dow Jones
Sep 30
1038 GMT - Paris-listed banks underperformed the broader European financials sector after inflation in France rose by more than expected in September. French inflation rose to 3% on year in September, up from 2.4% in August. Meanwhile, household consumption data showed French consumer spending on goods fell by 0.5% in volume terms in August, ING's senior economist Charlotte de Montpellier notes. Given investor concern around the 2027 French legislative elections, "France's risk premium is likely to remain elevated in the coming months," De Montpellier writes. BNP Paribas falls 2%, while Societe Generale and Credit Agricole drop 2.3% and 1%, respectively. A basket of European banks falls 0.2%.
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