Plus   Neg

CAC 40 Slides On Profit Taking

French stocks fell slightly on Wednesday as fears over the U.S.-China trade row prompted traders to book some profits after the previous session's strong rally.

U.S. President Donald Trump's optimistic comments on trade talks as well as mostly positive regional data helped to limit the downside to some extent.

The benchmark CAC 40 was down 13 points or 0.24 percent at 5,328 after rallying as much as 1.5 percent on Tuesday.

Renault tumbled 3.8 percent after its Japanese partner, Nissan Motor, forecast operating profit for the current year that fell short of analysts' lowest estimate.

Lender Crédit Agricole Group lost 2.5 percent after reporting a bigger-than-expected fall in first-quarter net profit.

Rival BNP Paribas dropped 1.3 percent and Societe Generale gave up 1.7 percent.

In economic releases, Eurozone's quarterly economic growth rate doubled in the first three months of the year, latest figures from Eurostat showed, confirming the initial estimate released late April.

Gross domestic product grew 0.4 percent from the fourth quarter of 2018, when the euro area economy expanded 0.2 percent.

The pace of growth was the strongest since the second quarter of 2018, when the economy expanded at the same rate.

Separately, final data from the statistical office Insee showed that France's inflation accelerated more than estimated in April.

Consumer price inflation came in at 1.3 percent in April versus 1.1 percent in March, mainly reflecting higher services cost. The initial estimate was 1.2 percent.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT