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CAC 40 Extends Losses As Luxury Stocks Drag
(RTTNews) - French stocks tumbled on Thursday, as investors reacted to fresh hawkish commentary from another key Fed official and a disappointing report on monthly private payrolls in the United States.
Traders also looked ahead to next week's ECB meeting after some policymakers called for another big interest rate hike to preserve the credibility of the central bank's inflation target.
The benchmark CAC 40 was down 101 points, or 1.7 percent, at 6,023 after falling 1.4 percent to extend its losing streak for the fifth straight session on Wednesday.
Spirits group Pernod Ricard fell about 1 percent despite posting better-than-expected annual results.
Luxury stocks were coming under selling pressure, with Hermes and LVMH declining 2-3 percent, after a private survey showed the country's manufacturing sector slipped into contraction for the first time in three months in August amid weakening demand.
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