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Banks Lead French Market Fall

By RTTNews Staff Writer   ✉  | Published:  | Google News Follow Us  | Join Us
rttnewslogo20mar2024

The French market is moderately down in afternoon trading Tuesday, led by banks. Sentiment was impacted by global economic worries and weak cues from Asia/Pacific.

Crude for October delivery is sliding $1.06 per barrel at $73.64 and gold is adding $6.1 an ounce at $1244.1.

In economic news, Germany's unemployment rate remained at 7.6% in August, matching economists' expectations, data from Federal Labor Agency showed. There were 17,000 fewer unemployed in Germany in August compared to July. Economists were expecting a fall of 20,000. In July, unemployment decreased by 21,000.

Mortgage lending in the U.K. fell markedly in July even as the number of mortgages approved rose slightly from June. The Bank of England said net lending secured on dwellings increased GBP 0.1 billion, well below the June increase of GBP 0.5 billion. A total of 48,722 mortgages were approved during July, up from the 48,562 approved in June.

The euro area's unemployment rate remained unchanged at 10% in July, in line with expectations, official figures revealed. Eurostat said 15.8 million people were registered unemployed in the eurozone, with the number of unemployed decreasing by 8,000 compared to the previous month.

The CAC 40 opened below the flat line at 3,435 and has remained in negative territory throughout the session. The index is currently retreating 0.86%.

Lender Credit Agricole is leading the decliners by falling 3.55%. Dexia is dipping 2.43%, Societe Generale is dropping 1.95% and BNP Paribas is retreating 1.26%.

Telecom equipment maker Alcatel Lucent is declining 3% and utility EDF is dropping 2.42%. Insurer Axa is sliding 2.2%. Airbus maker EADS is lower by 1.7%.

Car makers Renault and Peugeot are declining 2.4% and 2.1%, respectively. Construction stocks are witnessing a downside. Vinci and Lafarge are down 1.7% each. Bouygues is slipping 1.4%.

Those notably down include steel giant ArcelorMittal, Air France-KLM, retailer Carrefour, hotel group Accor, drug maker Sanofi-Aventis and chip maker STMicroelectronics.

Metal fabrication firm Vallourec and media company Vivendi are seeing moderate upside.

Elsewhere in Europe, the UK's FTSE 100 is declining 0.83% and the German DAX is retreating 0.75%.

Across Asia/Pacific, most major markets ended in negative territory. Australia's All ordinaries lost 0.99%, China's Shanghai Composite Index declined 0.52%, Japan's Nikkei 225 plunged 3.55% and India's BSE Sensex slipped 0.34%.

The U.S. futures indicate a lower open on Wall Street. In the previous session, the Dow plunged 1.4%, the Nasdaq declined 1.6% and the S&P 500 lost 1.5%.

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Global Economics Weekly Update - Jun 01 - Jun 05, 2026

June 05, 2026 16:18 ET
A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.

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