French Market Loses In Afternoon Trade
The French market is falling in afternoon trading Friday, as Irish debt worries and speculation that China may intervene to cool its economic growth dampened risk appetite. Construction stocks were mostly lower, while banks gained.
In economic news, French economic growth slowed slightly more than expected in the third quarter, figures released by Insee showed. Gross domestic product increased at a slower pace of 0.4% sequentially in the third quarter, following a 0.7% expansion in the second quarter.
Germany's economy recorded a sharp slowdown during the last quarter, in line with analyst expectations.Statistical office Destatis said the economy grew 0.7% between July and September, over three times slower than the 2.3% expansion in the preceding quarter.
The Eurozone economy expanded 0.4% quarter-on-quarter in the third quarter, flash estimates from Eurostat revealed. Gross domestic product growth slowed from 1%, while economists were expecting the sequential growth rate to ease to 0.5%.
Meanwhile, Eurozone industrial output dropped unexpectedly in September as all of the region's industrial groups marked declines in production. Seasonally adjusted industrial production fell by 0.9% month-on-month in September in contrast to an expected 0.2% increase.
The CAC 40 opened lower at 3,797 and has remained in negative territory throughout the session. The index is currently losing 1.12%.
Integrated oil & gas firm Total is losing 3.5%, thus topping the decliners. Steel giant Arcelor Mittal and telecom equipment maker Alcatel Lucent are sliding 2.7% and 1.6%, respectively.
Cement giant Lafarge and airplane maker EADS are losing 1.3% each. Carmaker Peugeot is down 1.1% and Renault is losing 0.8%.
Lenders are witnessing the upside. Natixis is rising 2.1% and Credit Agricole is advancing 0.9%.Societe Generale and BNP Paribas are moderately rising.
Elsewhere in Europe, the UK's FTSE 100 is dropping 0.28% and the German DAX is sliding 0.09%.
Crude for December delivery is down $1.57 at $86.24 per barrel and gold is declining $14.8 at $1388.5 an ounce.
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