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CAC 40 Drifts Lower Ahead Of Big Bank Earnings

French stocks fell notably on Tuesday as investors booked profits from the recent rally amid signs of a thawing in relations between the United States and China.

After the U.S. Treasury Department dropped China's designation as a currency manipulator, media reports suggest that China has pledged to buy nearly an additional $80 billion of U.S. manufactured goods over the next two years.

The phase one U.S.-China trade deal is due to be signed at the White House on Wednesday.

The fourth-quarter corporate earnings season also remained on investors' radar, with Citigroup, JPMorgan Chase and Wells Fargo reporting their results before the U.S. opening bell.

The benchmark CAC 40 was down 40 points, or 0.66 percent, at 5,996 after finishing marginally lower on Monday.

Renault shares shed 0.8 percent after the French carmaker and its partner
Nissan denied reports of a potential split.

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