Paris - After losing more than 6 per cent of their value shortly after opening, French shares mounted a spirited fightback early Tuesday despite big losses on Wall Street and in Asia.

One hour after trading opened, the Paris Bourse's CAC 40 blue-chip index was down 2.09 per cent, at 3,310.52, as declining issues outpaced advancing shares by about 12 to 1.

Because of mounting fears of a recession, industrials were hardest hit, with steel giant ArcelorMittal and steel maker Vallourec both down more than 5 per cent.

In addition, the shares of oil group Total also fell by more than 5 per cent on plunging crude oil prices. (dpa)