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CAC 40 Down 63 Points As Banks Drag On Turkey Concerns

French stocks fell sharply on Friday, with a fresh turmoil in Turkey as well as renewed fears of a trade war between the U.S. and China keeping investors nervous.

Investors ignored official data showing that France's industrial and manufacturing output rebounded in June, driven by a recovery in petroleum output.

Industrial output climbed 0.6 percent month-on-month in June, reversing a 0.2 percent fall in May. Analysts had expected output to rise 0.5 percent.

The benchmark CAC 40 was down 63 points or 1.14 percent at 5,439 in opening deals after finishing marginally higher the previous day.

Banks succumbed to heavy selling after the European Central Bank reportedly said it is concerned over the impact of a weak Turkish lira on European banks.

BNP Paribas tumbled 3.3 percent, Credit Agricole dropped 1.7 percent and Societe Generale declined 1.9 percent.

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