CAC 40 Declines As Investors Await Key Inflation, GDP Readings

(RTTNews) - French stocks traded lower on Tuesday as caution prevailed ahead of the release of euro zone inflation and GDP data due later in the day.

Meanwhile, data showed earlier today that France's economic growth doubled in the first quarter on final domestic demand.

Gross domestic product posted a quarterly growth of 0.2 percent after rising 0.1 percent in the fourth quarter, according to the first estimate from the statistical office INSEE. The economy was forecast to expand again by 0.1 percent.

Separately, flash data revealed that France's consumer price inflation eased further in April to the lowest level in just over two-and-a-half years, largely due to a lower increase in food prices.

The consumer price index posted an annual increase of 2.2 percent in April, slightly slower than the 2.3 percent rise in March.

The benchmark CAC 40 was down 24 points, or 0.3 percent, at 8,041 after falling 0.3 percent the previous day.

In corporate news, airline Air France-KLM fell 2.7 percent after operating loss deepened in the first quarter of 2024.

Thales was marginally lower despite reporting strong and sales in the first quarter.

Electrical supplies distributor Rexel dropped more than 3 percent after Q1 sales came in below expectations.