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Investing.com -- After an extraordinary rally of nearly 500% this week, shares in Franco-British satellite operator Eutelsat experienced a pullback on Friday.
As of 1040 GMT, the company’s shares were down by 14%, trading at 5.95 euros. The surge in Eutelsat’s share price was sparked by the possibility of the company replacing Starlink, Elon Musk’s satellite internet service, in Ukraine.
The turnaround in sentiment for Eutelsat’s stock, which had been at record lows, was fueled by suggestions that the company could step in to provide internet access to Ukraine, a country currently in the midst of conflict.
The rally began following a public disagreement last Friday between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy, which resulted in a pause in military aid to Ukraine from Washington.
Analysts at Kepler Cheuvreux referred to the unexpected surge in Eutelsat’s stock as the "French version of the Gamestop effect".
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