CAC 40 Drifts Lower On China Regulations
(RTTNews) – French stocks declined on Tuesday, with worries about the spread of COVID-19 and concerns over China’s regulations for its once-freewheeling internet sector denting sentiment.
Chinese regulators today issued a lengthy set of draft rules for the internet sector, banning unfair competition and restricting the use of user data.
The rules published by the State Administration for Market Regulation (SAMR) cover a wide range of areas from prohibitions on the way companies can use data to stamping out fake product reviews.
Markets were also tracking developments in Afghanistan as the Taliban’s return to power has spread fears about the nation’s future.
The benchmark CAC 40 was down 32 points, or half a percent, at 6,806 after losing 0.8 percent in the previous session.
Cyclicals such as banks and automakers led the early declines.
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