French Market Falls In Afternoon Trade
The French market has been moving across either side of the unchanged line and is trading in negative territory in afternoon trading Wednesday. Re-emergence of debt worries in Europe weighed on most banks, while construction stocks witnessed upside.
Crude for November delivery is adding $0.33 at $76.51 per barrel, ahead of the weekly inventory data from the Energy Information Administration and December gold is slipping $0.4 at $1307.9 an ounce.
In economic news, French consumer sentiment improved in September to minus 35 from minus 37 in August, the statistical office Insee said. The expected reading was minus 39.
Euro area economic sentiment also increased in September, a survey from the European Commission showed. Economic sentiment increased to 103.2 from 102.3 in August. Consensus forecast was for 101.3.
UK mortgage approvals fell in August compared to July, Bank of England said. The number of mortgages approved for house purchase fell to 47,372 in August from 48,346 in July, but stayed above the expected level of 47,000.
The CAC 40 opened higher at 3,781, but lost much of the gains later on. The index is currently falling 0.25%.
Banking stocks are mostly lower. Societe Generale is losing 1.5%, Natixis is losing 0.8% and BNP Paribas is losing 0.7%. Credit Agricole is adding 0.3%.
Carmaker Peugeot is down 1%, while Renault is gaining 0.3%. EADS, the maker of Airbus, is declining 1.2%.
Life insurer Axa is leading the gainers by adding 3.1% and engineering group Alstom is rising 1.7%.
Oil & gas services firm Technip is advancing 1.6% and metal fabrication company Vallourec is gathering 1.5%.
Hotel group Accor, lens maker Essilor International, Scheneider Electric, gas utility GDF Suez, cosmetics giant Loreal and France Telecom are seeing notable upside.
Heavy construction firms Vinci and Bouygues are up 0.8% and 0.7%, respectively. Building materials maker Saint-Gobain is rising 0.8%.
Elsewhere in Europe, the UK's FTSE 100 is falling 0.12% and the German DAX is slipping 0.06%.
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