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CAC 40 Declines As Trade Tensions Escalate

French stocks were moving lower on Wednesday in cautious trading as trade tensions between the U.S. and China appear to be escalating.

The benchmark CAC 40 index was down 30 points or 0.57 percent at 5,250 in opening deals after closing marginally lower on Tuesday.

Gas utility Rubis slumped almost 6 percent after Berenberg cut its rating on the stock.

Airbus dropped 1.8 percent. Chinese Premier Li Keqiang told French Prime Minister Edouard Philippe earlier this week that China would increase its purchases from European companies and is willing to continue talks with France on buying Airbus aircraft.

In economic releases, France's consumer sentiment weakened in June to the lowest level in nearly a year, survey results from the statistical office Insee showed.

The consumer confidence index dropped to 97 from 99 in May, which was revised down from 100.

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