CAC 40 Falls After Tuesday's Rally
(RTTNews) - French stocks edged lower on Wednesday after posting strong gains in the previous session on China's announcement of aggressive stimulus.
Earlier today, China's central bank lowered the cost of its medium-term loans to bank, in a move consistent with other broad policy to shore up growth in the world's second-largest economy.
Meanwhile, French consumer sentiment strengthened to the highest level in more than two years in September, survey results from the statistical office INSEE showed today.
The consumer confidence index rose to 95 from revised 93 in August. The score was forecast to remain unchanged at August's initially estimated value of 92.0.
This was the highest score since February 2022. However, the reading was below its long-term average of 100.
The benchmark CAC 40 was down 40 points, or half a percent, at 7,564 after rallying 1.3 percent the previous day.
In corporate news, Orange S.A. shares were down 1 percent. The telecom major has decided to voluntarily delist its American Depositary Shares from the New York Stock Exchange and with the U.S. Securities and Exchange Commission or SEC.
Technip Energies fell 1 percent. The engineering and technology company announced that it has received, along with engineering contractor JGC Corp., a Front-End Engineering Design contract by ExxonMobil (XOM) for the Rovuma LNG project at Palma in the Afungi peninsula, Northeast of Mozambique.
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