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CAC 40 Declines On Weak PMI Data
(RTTNews) - French stocks declined on Tuesday after a private survey showed China's factory activity fell into contraction territory for the first time since April.
Japan, South Korea, Taiwan and Vietnam also saw manufacturing activity contracting in July, raising fresh concerns about Asia's fragile economic recovery.
Closer home, a monthly survey showed that France's manufacturing activity slumped further in July amid deteriorating demand conditions.
The index stood at 45.1 in the month, compared to an initial estimate of 44.5 and 46.0 in June, final results from the S&P monthly survey showed.
"Production fell at a rapid pace, new orders continued to fall, and producers cut jobs at the fastest rate since the start of the COVID-19 pandemic. ", Cyrus de la Rubia, chief economist at the Hamburg Commercial Bank said.
The benchmark CAC 40 was down 61 points, or 0.8 percent, at 7,437 after rising 0.3 percent in the previous session.
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