CAC 40 Little Changed As Private Sector Activity Data Disappoints
(RTTNews) - French stocks were little changed on Thursday as a survey showed France's private sector unexpectedly contracted in May after returning to growth in the previous month.
The headline HCOB flash composite output index dropped to 49.1 in May from 50.5 in April. The reading was forecast to climb to 51.0.
The reduction in overall activity was broad-based by sector, although it was primarily a fresh downturn in services activity that pulled the headline index back below the critical 50.0 threshold.
The services Purchasing Managers' Index posted 49.4 in May, down from 51.3 in April and economists' forecast of 51.8.
Meanwhile, the manufacturing PMI rose to a three-month high of 46.7 from 45.3 in the previous month.
The benchmark CAC 40 was marginally higher at 8,098 after losing 0.6 percent in the previous session.
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