CAC 40 Edges Lower As Investors React To China's Stimulus Announcement
(RTTNews) - French stocks were little changed on Friday as China's top legislative body - the National People's Congress (NPC) - approved the State Council's proposal to increase local government debt limit by $839 billion after a week-long session.
There was some disappointment as the hotly anticipated stimulus was not as broad or immediate as initially presumed.
The benchmark CAC 40 was down 11 points, or 0.2 percent, at 7,414 after climbing 0.8 percent the previous day.
Eurozone bond yields dipped after a busy week of central bank meetings and amid the collapse of the German government.
Luxury stocks LVMH, Kering and Hermes fell 2-3 percent after Cartier owner Richemont posted a 20 percent drop in net profit for the first half of the year.
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