CAC 40 Declines On US-China Tensions
(RTTNews) - French stocks tumbled on Monday as robust U.S. jobs data released on Friday fanned fears of more interest rate hikes to cool inflation.
According to the Federal Reserve, a strong labor market would lead to excessive wage growth which, in turn, would lead to inflation pressures.
U.S-China tensions also remained on investors' radar after the Biden administration decided to postpone Secretary of State Antony Blinken's upcoming trip to China in response to the Pentagon's discovery of an alleged Chinese spy balloon, that was later shot down.
The benchmark CAC 40 was down 66 points, or 1 percent, at 7,168 after climbing 0.9 percent on Friday.
Eurazeo fell over 1 percent after the investment company named a new executive board that will be led by two chairmen.
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