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CAC 40 Falls On Profit Taking

French stocks fell on profit taking Friday after recent sharp gains. Underlying sentiment turned cautious after China's parliament approved the controversial security law on Hong Kong, undermining the city's reputation as a financial hub with substantial autonomy.

U.S. President Donald Trump is expected to speak later today in a press conference amid Beijing-Washington tiff, new developments in Hong Kong, and the coronavirus fallout.

"We'll be announcing tomorrow what we're doing with respect to China," Trump told journalists on Thursday, without providing details.

The benchmark CAC 40 dropped 69 points, or 1.45 percent, to 4,703 after rallying 1.8 percent the previous day.

Automaker Renault plunged 5 percent after announcing it would lay off about 15,000 of its employees worldwide. Peugeot lost 3 percent.

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