CAC 40 Tumbles With Banks Under Pressure
(RTTNews) - French stocks fell sharply on Friday, with banks coming under selling pressure once again on a Bloomberg report that Credit Suisse Group and UBS Group AG are among the banks under scrutiny in a U.S. Justice Department probe for potentially helping Russian oligarchs evade sanctions.
Meanwhile, investors shrugged off data showing that French business activity strengthened in March by more than forecast.
S&P Global's flash reading for the composite PMI - which comprises both the services and manufacturing sectors - rose to 54.0 points from 51.7 in February.
The benchmark CAC 40 was down 82 points, or 1.3 percent, at 7,045 after closing 0.1 percent higher on Thursday.
Banks BNP Paribas, Credit Suisse and Societe Generale slumped 2-4 percent.
Bay Street May Open On Weak Note
FTSE 100 Down 1.25%; Bank, Miners Among Major Losers
CAC 40 Extends Recent Losses As Stocks Tumble On Economic Worries
DAX Down More Than 1% Despite Paring Some Early Losses
Indian Shares End Lower On Weak Global Cues
European Shares Extend Losses On Economic Worries
Swiss Franc Rises Amid U.S.-Swiss Tariff Deal
