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CAC 40 Drifts Lower On Trade Concerns

French stocks were moving lower on Wednesday, with heavyweight banks and tariff-sensitive automakers pacing the declines, as anti-government protests in Hong Kong entered a third consecutive day of violent unrest.

Investors also fretted over the U.S.-China trade deal after U.S. President Donald Trump threatened further increase in tariffs if a trade deal is not reached.

The president said a significant phase one trade deal with China "could happen soon" but stressed that he would only accept an agreement that is good for U.S. companies and workers. He didn't offer clarity on a rollback of import tariffs.

The benchmark CAC 40 was down 26 points, or 0.44 percent, at 5,893 after rising 0.4 percent on Tuesday.

Banks BNP Paribas, Credit Agricole and Societe Generale were down between 1.6 percent and 2 percent while automaker Renault dropped 1.3 percent and Peugeot declined 2.1 percent.

Elsewhere, Asian markets ended the day mostly lower and U.S. stock futures retreated amid lingering uncertainty on whether, and when, the United States and China will agree a long-awaited deal to end their bitter trade dispute.

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