French riots trigger slide in European markets as retailers tally damages

Monday’s opening saw European equities retreat after France endured one of its most violent weekends in years, with riots and looting spreading across Paris, Lyon, Marseille, Bordeaux and other cities. The Euro Stoxx 50 slipped 0.1% and the pan-European Stoxx 600 fell more than 0.6%, while the French CAC 40 was down 0.5% following reports that Carrefour had 50 stores targeted, sending its stock below a 2% decline. French borrowing costs rose, with the 10-year government bond yield reaching 4.86% and the spread over German Bunds expanding to 143.5 basis points, the widest since the euro-debt crisis.

Retail executives such as Alexandre Bompard (Carrefour), Thierry Guibert (Lacoste) and Thierry Cotillard (Intermarché) demanded immediate state protection, citing damage estimates in the hundreds of millions of euros. Interior Minister Laurent Nuñez announced 2,400 arrests and offered his resignation, which President Emmanuel Macron rejected. Prime Minister Sébastien Lecornu and Commerce Minister Serge Papin scheduled crisis meetings with trade federations, while unions called a national strike for 5 November.