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CAC 40 Drifts Lower On China Concerns
(RTTNews) - French stocks were moving lower on Thursday, Eurozone bond yields rose and the dollar extended gains amid mounting China worries and the release of hawkish Fed minutes.
The minutes of the Fed's July meeting showed on Wednesday that a number of officials still saw the need for more interest rates to curb stubborn inflation.
Concerns mounted about the state of China's financial services industry after wealth manager Zhongzhi Enterprise Group said it was facing a liquidity crisis and would have to restructure its debt.
In another development, Fitch Ratings said it may consider rethinking China's A+ sovereign credit rating amid growing economic headwinds to the Asian giant.
The benchmark CAC 40 was down 13 points, or 0.2 percent, at 7,247 after closing 0.1 percent lower in the previous session.
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