CAC 40 Tumbles Amidst Political Uncertainty

(RTTNews) - French stocks tumbled on Monday after French President Emmanuel Macron unexpectedly announced a snap legislative election.

Macron's decision comes after far-right Eurosceptic nationalists made gains in European Parliament elections.

The benchmark CAC 40 was down 137 points, or 1.7 percent, at 7,864 after falling half a percent on Friday.

Banks led losses, with BNP Paribas, Credit Agricole and Societe Generale falling 4-6 percent.

Airbus SE declined 1.1 percent. The planemaker announced that its Airbus Defence and Space unit has received a contract from Al Yah Satellite Communications Co. PJSC, or Yahsat, UAE's flagship satellite solutions provider, for its new geostationary telecommunications satellites, Al Yah 4 and Al Yah 5.

The contract includes two Airbus ARROW spacecraft platforms for future deployment in low Earth orbit.