French stocks edged lower on Friday as U.S.-China tensions returned to the fore and investors awaited more signs of progress in U.S. stimulus measures.
The benchmark CAC 40 dropped 0.3 percent to 5,653 after ending marginally lower in the previous session.
After a two-hour call with Chinese counterpart Xi Jinping on Wednesday, U.S. President Joe Biden warned lawmakers that “If we don’t get moving, they are going to eat our lunch”.
The two leaders discussed a range of issues, including human rights, trade and security, according to the White House. Both appeared at odds on most issues.
L’Oreal shares were up 1.5 percent on brokerage upgrades after the cosmetics company posted higher-than-expected revenue growth for the fourth quarter.
Pharmaceutical company Sanofi edged up about half a percent. The company said it has made recommended all-cash offer to all the shareholders to acquire Kiadis Pharma N.V.s’ shares at an offer price of EUR 5.45 (cum dividend) in cash per share.
CAC 40 Drifts Lower As Traders Track Stimulus Progress
2021-02-12 08:50:07
