CAC 40 Declines On China Growth Concerns
(RTTNews) - French stocks edged lower on Thursday, with hawkish signals from the U.S. Federal Reserve and disappointing Chinese data keeping investors nervous.
After keeping interest rates steady, as widely expected, the U.S. Federal Reserve signaled that borrowing costs will likely rise by another half of a percentage point by the end of this year.
China's economic recovery faltered in May as industrial production and retail sales figures missed forecasts.
Growth of new home prices softened, and real estate tumbled in the first five months of the year, adding to expectations that policymakers will unveil more stimulus.
Investors keenly await the ECB rate decision later in the day, with a 25-bps rate hike expected.
The benchmark CAC 40 was down 31 points, or 0.4 percent, at 7,297 after adding half a percent the previous day.
China-related stocks were coming under selling pressure, with luxury fashion group Hermes International falling over 1 percent.
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