BREAKING NEWS

Investors shun French tourism and supermarket stocks after riots

By REUTERS

DECEMBER 3, 2018 12:52

Updated: DECEMBER 3, 2018 12:54

LONDON - French stocks sensitive to the economy and to tourism fell in an otherwise buoyant market on Monday after the worst riots in decades swept Paris over the weekend.

Shares in supermarket Carrefour, highway operator Vinci, hotel chain Accor, and airline Air France fell by 0.9 to 2 percent.

Investors and traders said the falls were connected to investors' unease over the potential impact riots could have on the economy and on tourists' appetite to visit the capital.

"Accor is falling, and it is fair to say that investors are wondering if there will be cancellations at their hotels," said Jerome Schupp, a fund manager at Geneva-based firm Prime Partners.

"It's not good to see those images of a major capital," said a trader. "It could hurt the economy."

The falls came even as France's top stock index climbed 1.9 percent, on track for its best day in a month after a truce in the US-China trade war.

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