French Stocks Decline In Afternoon Trade
The French market is declining in afternoon trading Monday, ignoring firm cues from most Asian markets. Car manufacturers and construction-related stocks were lower as re-emergence of economic worries hurt investor confidence.
Crude for November delivery is adding $0.25 at $81.83 per barrel, while gold is lower by $3.0 at $1314.8 an ounce.
In economic news, Eurozone Investor Confidence for October improved to 8.8 from September's 7.6, Sentix said. Growth is robust, despite prophecies of doom, the think tank said. Economists were looking for a score of 8. Meanwhile, Eurozone producer prices rose 3.6% year-over-year in August, slowing from the 4% increase in the previous month, Eurostat said. Economists had expected the inflation rate to ease to 3.7%.
In the U.K., the Markit / Chartered Institute of Purchasing & Supply construction purchasing managers' index rose to 53.8 from 52.1 in August. The unexpected rise was led by higher activity in the commercial and civil engineering sectors.
The CAC 40 opened below the flat line at 3,689 and witnessed busy selling. The index is currently falling 0.75%.
Car manufacturer Peugeot is leading the losers by falling 3.5% and peer Renault is retreating 3.4%.Chipmaker STMicroelectronics is retreating 2.25% and insurer Axa is down 1.65%.
Water utility Suez Environnement, engineering group Alstom and department stores operator PPR are losing about 1.6% each.
Drugmaker Sanofi-Aventis is losing 0.2% after beginning a tender offer for U.S. biotechnology company Genzyme.
Among lenders, Societe Generale is losing 1.1%, BNP Paribas is sliding 0.44% and Credit Agricoleis falling 0.3%. Natixis is climbing 1.1%.
Hotel group Accor, computer services firm Cap Gemini, Schneider Electric, gas utility GDF Suez, building materials maker Saint-Gobain, grocery retailer Carrefour, cement giant Lafarge and water utility Veolia Environnement are making notable losses.
Tire firm Michelin is advancing 1.6%, while luxury goods firm LVMH and Airbus maker EADS are gaining about 0.2% each.
Elsewhere in Europe, the UK's FTSE 100 is declining 0.24% and the German DAX is sliding 0.94%.
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