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CAC 40 Falls Amid Earnings Deluge

French stocks fell sharply on Thursday as investors digested a slew of earnings and economic data.

German GDP slumped by the most since 1970 in the second quarter, while the new official unemployment rate hit 7.1 percent across the EU and 7.8 percent in the euro zone in June, new figures showed today.

The benchmark CAC 40 dropped 60 points, or 1.22 percent, to 4,898 after rising 0.6 percent in the previous session.

Oil & gas company Total SA rose about 1 percent after maintaining its dividend.

Retailer Casino plunged 12.7 percent after its consolidated net loss for the first half of 2020 widened to 445 million euros from 226 million euros in the prior-year period.

Electric utility EDF was little changed after raising its French nuclear power generation forecast for 2020.

Food company Danone plummeted 6 percent after its first-half net profit and revenue fell.

Orange lost 4 percent. The telecoms group cut its core operating profit guidance and failed to ease analysts' concerns on the dividend.

Carmaker Renault declined 3.2 percent after it swung to a record first-half loss.

Safran climbed 4.7 percent. The aerospace-and-defense company set new guidance for the year, assuming a gradual recovery in air traffic and despite considerable uncertainties.

Plane maker Airbus rallied 3.6 percent. The company said it would not make any forecasts for next year due to "limited visibility" on the resumption of normal deliveries.

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