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CAC 40 Slides Ahead Of Central Bank Meetings

French stocks drifted lower on Friday as trade tensions persisted ahead of the Group of Seven summit and investors awaited cues from the European Central Bank and Federal Reserve meetings next week. The high-profile US-North Korea summit was also on top of investors' radar.

The benchmark CAC 40 was down 23 points or 0.42 percent at 5,426 in opening deals after closing 0.2 percent lower on Thursday.

Air France KLM fell 3 percent after unveiling passenger traffic figures for May.

Retailer Casino dropped 1 percent on reports that its controlling shareholder Rallye is reviewing the possible sale of its sports shoe brand chair Courir.

Airbus shares were little changed. The aerospace major, Bombardier Inc. and Investissement Québec have agreed to close the C Series transaction effective on July 1, 2018, after receiving all required regulatory approvals.

On the data front, France's industrial production declined for the second straight month in April on weak mining activity, the statistical office Insee showed.

Industrial output dropped unexpectedly by 0.5 percent month-on-month in April, following March's 0.4 percent decrease. Output was forecast to grow 0.3 percent.

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