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.

LIKE.TG：汇集全球营销软件&服务，助力出海企业营销增长。提供最新的“私域营销获客”“跨境电商”“全球客服”“金融支持”“web3”等一手资讯新闻。

点击【联系客服】 🎁 免费领 1G 住宅代理IP/proxy， 即刻体验 WhatsApp、LINE、Telegram、Twitter、ZALO、Instagram、signal等获客系统，社媒账号购买 & 粉丝引流自助服务或关注【LIKE.TG出海指南频道】、【LIKE.TG生态链-全球资源互联社区】连接全球出海营销资源。