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CAC 40 Drifts Lower In Cautious Trade

French stocks edged lower on Wednesday as investors weighed rising U.S.-China tensions against encouraging data from China and Europe.

After Chinese President Xi Jinping signed a controversial security law that gave Beijing new powers over Hong Kong, U.S. Secretary of State Mike Pompeo said it's a "sad day" for the people of the territory and warned Beijing of new countermeasures.

U.S. President Donald Trump wrote on Twitter that he's "more and more angry at China" over the new coronavirus pandemic.

On the data front, the latest survey from Caixin showed the manufacturing sector in China continued to expand in June, and at a faster rate, with a manufacturing PMI score of 51.2, up from 50.7 in May.

Factories across the euro area recorded a stronger performance than initially reported in June, a survey showed. The final PMI rose to a four-month high of 47.4 from 39.4 in May.

The benchmark CAC 40 was down 7 points, or 0.15 percent, at 4,928 after closing down 0.2 percent the previous day.

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