CAC 40 Tumbles Ahead Of Fed, ECB Decisions
(RTTNews) - French stocks were sharply lower on Wednesday as investors braced for interest-rate decisions from the U.S. Federal Reserve and the European Central Bank, due today and tomorrow respectively.
The benchmark CAC 40 was down 94 points, or 1.3 percent, at 7,321 after declining 0.2 percent on Tuesday.
LVMH tumbled 3.7 percent after the luxury goods giant reported a surprise drop in U.S. sales amid economic uncertainty.
Danone lost 2.7 percent. The maker of Activia yoghurt, Evian water and Aptamil infant milk announced that it would "deconsolidate" its Russia business in July, bringing the total impairments related to the country to almost 700 million euros.
Automaker Renault declined 1.4 percent after finalizing a revamped alliance with Nissan.
Telecom major Orange plummeted 3.4 percent after consolidated net income declined by 378 million euros to 1.09 billion euros in the first half of 2023 on an historical basis.
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