CAC 40 Slides As Business Confidence Worsens
(RTTNews) - French stocks declined on Friday as robust U.S. economic data along with hawkish comments from another Fed official stoked concerns about sticky inflation and the Federal Reserve's rate path.
Meanwhile, the confidence among French manufacturers worsened unexpectedly in May and returned to below its long-term average, monthly data from the statistical office INSEE revealed earlier today.
The manufacturing sentiment index dropped to 99.0 in May from 100.0 in the previous month. Economists had expected confidence to remain stable at 100.0.
In addition, the index has gone back to its long-term average of 100.0. The latest score was the weakest in four months.
The benchmark CAC 40 was down 13 points, or 0.2 percent, at 8,089 after inching up by 0.1 percent on Thursday.
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