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CAC 40 Slides On Inflation Worries
(RTTNews) - French stocks were moving lower on Wednesday after data showed French consumer price inflation accelerated to a new record high in June, as initially estimated.
EU harmonized inflation rose to 6.5 percent in June from 5.8 percent in May, statistical office Insee said. That was in line with flash data published on June 30. The latest inflation was the highest since records began in 1997.
Consumer price inflation accelerated to 5.8 percent in June from 5.2 percent a month ago, as estimated.
The benchmark CAC 40 dropped 25 points, or 0.4 percent, to 6,019 after closing 0.8 percent higher the previous day.
Banks led losses, with BNP Paribas, Credit Agricole and Societe Generale falling 1-3 percent.
Shares of power group EDF were suspended amid plans for its nationalization.
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