CAC 40 Falls As Earnings Dampen Mood
(RTTNews) - French stocks fell sharply on Wednesday, with mixed earnings from U.S. big technology companies and uncertainty around the upcoming U.S. presidential election weighing on markets.
Meanwhile, France's economic growth doubled in the third quarter as the Paris Olympic and Paralympic Games boosted consumption, official data revealed.
Gross domestic product posted a quarterly growth of 0.4 percent after expanding 0.2 percent in the second quarter, according to the first estimate from the statistical office INSEE. This was also better than economists' forecast of 0.3 percent.
Separate data from INSEE showed that household spending growth weakened in September on lower food and energy consumption.
Household consumption edged up 0.1 percent, slower than the 0.4 percent increase in August.
The benchmark CAC 40 dropped 71 points, or 1 percent, to 7,439 after losing 0.6 percent the previous day.
Luxury stocks fell, with LVMH, Kering and Hermes falling 1-3 percent on concerns about demand growth in China.
Energy-management and automation group Schneider Electric rose about 1 percent after third-quarter revenue rose to record levels.
Capgemini plunged 6 percent as the IT consulting group cut its 2024 revenue target for the second time this year.
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