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CAC 40 Slides On China Concerns
(RTTNews) - French stocks declined on Monday amid uncertainty around the Fed's rate hike path and concerns over China's flagging post-Covid economic recovery. The benchmark CAC 40 was down 59 points, or 0.8 percent, at 7,126 after closing 0.4 percent lower on Friday.
The euro edged lower against the dollar after European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau said that interest rates should remain at these levels for a sufficiently long period of time.
ECB President Christine Lagarde is scheduled to testify before the European Commission's Committee on Economic and Monetary Affairs later in the day, with investors looking for more clues to indicate that the eurozone's central bank is done hiking.
China-exposed luxury stocks were moving lower after China Evergrande Group, the world's most indebted property developer, said it was unable to issue new debt due to an ongoing investigation into its main domestic subsidiary, Hengda Real Estate Group Co.
Hermes International lost 2.1 percent, Kering fell more than 3 percent and LVMH dropped 1.8 percent.
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