French stocks edged lower on Thursday as investors reacted to Fed Chair’s Jerome Powell’s dovish commentary and the latest GDP data from China showing that growth in the world’s second-largest economy slowed to 7.9 percent over a year earlier in the three months ending in June.
The dollar edged back as Powell’s testimony continues in front of the Senate Committee.
Powell told the U.S. House Financial Services Committee on Wednesday that the U.S. economy is “a ways off” from where it needs to be for the Fed to tighten its easy monetary policy.
The benchmark CAC 40 slid 15 points, or 0.2 percent, to 6,543 after closing marginally lower in the previous session.
Total Energies SE shares fell 1.5 percent as oil extended overnight losses amid speculation that Saudi Arabia and the United Arab Emirates have made progress toward a compromise on production levels. Data showing a drop in U.S. gasoline demand also weighed on the commodity.
CAC 40 Dips As China’s Growth Slows
2021-07-15 09:24:23
