CAC 40 Subdued On China Selloff Worries
(RTTNews) – French stocks were subdued on Friday as investors reacted to a fresh reversal of market sentiment in China and a slew of mixed earnings updates.
The benchmark CAC 40 was marginally lower at 6.627, recouping some early losses after first estimates from the statistical office Insee showed France’s economic growth accelerated at a faster-than-expected pace in the second quarter, underpinned by household spending and investment.
GDP rebounded 0.9 percent in the second quarter, after being flat in the first quarter. Economists had forecast a quarterly growth of 0.8 percent.
Consumer price inflation slowed to a three-month low in July while household spending grew 0.3 percent in June after a sharp growth of 10.6 percent in May, separate data showed.
BNP Paribas edged up slightly. The lender BNP Paribas reported a 26 percent rise in net income in the second quarter and said it will pay shareholders an additional dividend.
Automaker Renault declined 1.7 percent. The company said the supply chain issue and rising raw material prices could curb further recovery in profitability this year.
Luxury glasses maker EssilorLuxottica rallied 2.7 percent after raising its full-year guidance.
Airline Air France KLM edged up slightly after narrowing its loss for the second quarter.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.