CAC 40 Slides On China Tech Selling

French stocks retreated on Tuesday as deeper losses in Chinese and Hong Kong shares weighed on investors' appetite for risk.

Asian stocks hit their lowest this year as investors fled Chinese tech stocks, bonds and currencies amid concerns over Beijing's sweeping crackdown on companies ranging from education firms to the technology sector.

China's top food delivery company lost nearly 18 percent in Hong Kong, on top of a 14 percent plunge the previous day as the country tightened regulations for food delivery platforms, ensuring minimum wages.

The Federal Reserve meeting and U.S. corporate earnings also remained on investors' minds, with Google's parent Alphabet, Apple and Microsoft due to report their earnings later today.

The benchmark CAC 40 dropped 34 points, or half a percent, to 6,544 after edging up 0.2 percent in the previous session.

Cyclicals were coming under selling pressure, with banks BNP Paribas, Credit Agricole and Societe Generale all falling more than 1 percent.

Sodexo Group shares were down 0.8 percent. The catering and food services group said it entered into exclusive negotiations to combine its global childcare services, including Liveli in France, with those of the Grandir group.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT