CAC 40 Slumps On China COVID Concerns
(RTTNews) - French stocks slumped on Tuesday after the Bank of Japan widened its target band for interest rates - a move that analysts said would allow long-term interest rates to rise more.
Sentiment was also dented by reports of a widespread wave of new coronavirus cases in China, with a top infectious disease expert projecting that more than 60 percent of China's population is likely to be infected by the coronavirus in the next three months.
The benchmark CAC 40 was down 78 points, or 1.20 percent, at 6,395 after closing 0.3 percent higher on Monday.
Orange SA shares fell more than 1 percent. The telecom group said in a statement that its deputy chief executive and head of finance, Ramon Fernandez, would leave the company at the end of the first quarter of 2023.
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