The CAC 40 fell 0.8% to close at 8,118 on Monday, extending losses from the previous week as oil prices surged. The crude rally resumed after Saudi Arabia suspended operations on the East-West crude pipeline following drone attacks. Talks between Iran and several Gulf nations on establishing a temporary shipping corridor through the Strait of Hormuz were postponed. Global yields were mostly higher ahead of the US Fed’s monetary policy decision on Wednesday, with markets expecting a rate hike. Industrials and financials were mostly lower, with Safran falling 2.6%, Airbus losing 2.2%, and Legrand tumbling 6.7%, while BNP Paribas shed 0.9% and Societe Generale declined 1.7%. Schneider Electric (-6.5%) and STMicroelectronics (-6.6%) sank after major AI companies called for a slower pace of development amid growing concerns over safety risks. In contrast, luxury stocks gained, with L’Oreal rising 1.1% and Hermes up 1%. TotalEnergies gained 1% on higher oil prices.