CAC 40 Slides On China Demand Concerns
(RTTNews) - French stocks fell Tuesday on China demand concerns after data showed services activity in the country expanded at the slowest pace in eight months in August.
A measure of Eurozone business activity contracted further in August and consumer expectations for euro-area inflation inched up in July, adding to worries about growth and inflation.
The benchmark CAC 40 was down 62 points, or 0.9 percent, at 7,217 after declining around 0.2 percent the previous day.
China-exposed luxury makers were losing ground, with LVMH and Hermes both falling around 2 percent.
Renault Group gained 1 percent. The initial public offering of Ampere electric vehicle division could get a valuation of up to 10 billion euros ($10.8 billion), CEO Luca de Meo said.
Credit Agricole fell 2.6 percent after Goldman Sachs downgraded the lender's stock to "sell".
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