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CAC 40 Slides On Trade Concerns

French stocks drifted lower on Monday on renewed concerns about global trade.

In an interview with France 3 television, French Finance Minister Le Maire said that France was ready to challenge U.S. President Trump's tariffs threat at the World Trade Organization (WTO).

"We are ready to take this to an international court, notably the WTO, because the national tax on digital companies touches U.S. companies in the same way as EU or French companies or Chinese. It is not discriminatory."

The benchmark CAC 40 was down 15 points, or 0.25 percent, at 5,857.

Drug maker Sanofi advanced 0.8 percent. The company has agreed to acquire Synthorx, Inc. (THOR), a clinical-stage biotechnology company, for $68 per share in cash. The deal represents an aggregate equity value of about $2.5 billion.

Air France KLM climbed 1.2 percent after reporting an increase in group traffic for November.

In economic news, France's economic growth is expected to slow slightly in the fourth quarter, the Bank of France reiterated today.

The bank retained its GDP growth estimate for the final three months of 2019 at 0.2 percent, which is slower than the 0.3 percent expansion in the third quarter.

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