CAC 40 Slips As House Votes On US Debt Limit Bill
(RTTNews) - French stocks fell notably on Wednesday after data showed manufacturing activity in China contracted at a worse pace than in April, adding to doubts about China's post-Covid recovery.
Investors also waited to see whether hardline Republicans would vote down a crucial bill to hike the U.S. borrowing limit and risk a catastrophic default.
Closer home, flash figures released earlier today showed French inflation eased to 6 percent from 6.9 percent in April.
The rate of price growth in the country has probably passed its peak, central bank governor Francois Villeroy de Galhau, said.
The benchmark CAC 40 was down 50 points, or 0.7 percent, at 7,159 after falling 1.3 percent the previous day.
Biopharmaceutical company IPSEN was little changed as it seeks shareholder approval for a buyback of up to roughly 1.68 billion euros ($1.80 billion) aimed at shoring up liquidity and pursue potential mergers.
Drug major Sanofi was marginally lower. The company announced positive Phase 2 data of novel investigational anti-CD40L antibody frexalimab, showing significantly reduced disease activity in relapsing multiple sclerosis.
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