CAC 40 Tumbles On China Concerns
(RTTNews) - French stocks traded sharply lower on Friday as investors reacted to hawkish remarks from a Fed official and a profit warning from China's biggest property developer, Country Garden.
Meanwhile, France's consumer price inflation eased further in July to the lowest level in nearly one-and-a-half years as estimated, the latest data from the statistical office INSEE showed earlier today.
The consumer price index climbed 4.3 percent year-over-year in July, slower than the 4.5 percent gain in June. That was in line with the flash data published on July 27.
Moreover, the latest inflation was the weakest since February 2021, when prices had risen 3.6 percent.
Separate data revealed the French unemployment rate rose to 7.2 percent in the second quarter from 7.1 percent in the previous quarter.
The benchmark CAC 40 was down 74 points, or 1 percent, at 7,359 after rallying 1.5 percent in the previous session.
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