European markets opened lower on Monday following the tragic attacks on Paris over the weekend. Global economies are currently weighing what consequences these attacks will have on the markets in the European Union.
The EURO STOXX 50 opened with a 0.25% loss, but ended today at a 0.08% gain. Germany’s DAX 30 opened the day 0.3% down before ending slightly up on the day with a 0.02% gain. France’s CAC 40 struggled the most with an initial decline of 0.33% before ending the day at a 0.02% loss.
Several of France’s biggest companies took a major loss on Monday. Most notably is the hotel chain Accor (ACCP), which ended the day with a 4.68% loss. Analysts project that tourism in France will be on the decline following the attack, hurting the tourism and hotel industry as a whole.
Kering (PRTP) was forced to close some of its major stores over the weekend, including Gucci and Bottega Veneta. The company’s stock opened down 1.97% before rallying back with just a 0.79% loss on the day.
Markets all across Europe were down on the day, but the FTSE 100 in London ended the day at 0.47%, with the mining sector leading the rally. Glencore rallied early in the day, up 2% before sharply declining for a loss of 3.96% on the day.