French stocks fell on Wednesday as caution spread prior to the European Central Bank meeting on Thursday. With the recent surge in eurozone inflation, central banks can be seen at meetings discussing reductions in stimulus.
Benchmark CAC 40 fell 78 points (1.2%) to 6,647 after a 0.3% drop in the previous session.
Banks BNP Paribas, Credit Agricole and Societe Generale fell 1-2%, while automaker Renault fell 1.4%.
Drug giant Sanofi fell 1.8%. The company is Kadmon Holdings, Inc., the developer of Rezurock, a recently FDA-approved treatment for chronic graft-versus-host disease. He said he had signed a formal merger agreement to acquire (KDMN).
Alstom fell 2.2%. A French company and S-Bahn Hamburg GmbH have signed a contract for the delivery of additional 64 class 490 S-Bahn trains.
In an economic release, France’s salary employment increased by 148,500 in the first quarter and then by 289,400 in the second quarter, Insee reported.
As of the end of June 2021, salary employment was 0.6% above the level at the end of 2019.
In the second quarter, private sector employment increased by 265,100 and public service employment increased by 24,300.
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CAC 40 falls prior to ECB meeting
Source link CAC 40 falls prior to ECB meeting