CAC 40 Declines On Weak Earnings

(RTTNews) - French stocks declined on Friday, with uncertainty over the timing of U.S rate cuts, mixed data from China and disappointing earnings updates keeping investors nervous.

The benchmark CAC 40 dropped 43 points, or half a percent, to 8,145 after closing 0.6 percent lower the previous day.

Re-insurer SCOR SE slumped nearly 10 percent after first-quarter Group net income fell 36.8 percent to 196 million euros from last year's 311 million euros.

ENGIE fell 2 percent. The utility reported a marginal decline in EBIT earnings for the first quarter, hit by declining sales in almost all segments.

Eurostat is slated to issue euro area final inflation data for April later in the day. The flash estimate showed that inflation held steady at 2.4 percent in April and core inflation slowed to 2.7 percent from 2.9 percent in March.

Earlier today, ECB Vice-President Luis de Guindos said that inflation in the Eurozone will move near its target of 2 percent in 2025.