CAC 40 Retreats On Growth Concerns
(RTTNews) - French stocks slipped into the red on Tuesday as investors awaited cues from a slew of central bank meetings and key U.S. tech earnings.
Official data released earlier today showed that French economic expansion slowed in the fourth quarter of 2022, in line with economists' expectations.
GDP grew 0.1 percent quarter-on-quarter following a 0.2 percent increase in the third quarter due to a slump in domestic demand that was led by a steep fall in household consumption and weaker investments.
This was the worst outcome since the first quarter of 2022, when the economy contracted 0.2 percent.
Earlier today, the International Monetary Fund retained France's growth forecast for this year at 0.7 percent and raised the estimate for 2022 to 2.6 percent from 2.5 percent. The lender projected 1.6 percent growth for next year.
The benchmark CAC 40 was down 20 points, or 0.3 percent, at 7,062 after closing 0.2 percent lower on Monday.
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