CAC 40 Slides As China Sanctions Pelosi Over Taiwan Visit
(RTTNews) - French stocks declined on Friday as U.S.-China tensions simmered and investors awaited the all-important U.S. jobs data due later in the day for clues on the pace of monetary policy tightening going ahead.
U.S. employment is expected to increase by 250,000 jobs in July after an addition of 372,000 jobs in June. The unemployment rate is expected to hold at 3.6 percent.
Days after U.S. House of Representative Speaker Nancy Pelosi visited Taiwan, the Chinese government has decided to impose sanctions on her and her family.
China said it fired missiles over Taiwan for the first time, escalating tensions in the region.
Investors were also reacting to the Bank of England's largest interest-rate hike in last 27 years and its warning that a long recession on its way.
The benchmark CAC 40 was down 34 points, or half a percent, at 6,479 after rising 0.6 percent the previous day.
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