French stocks held steady on Tuesday, with worries about China’s slowing economic growth and regulatory changes keeping underlying sentiment cautious.
The benchmark CAC 40 was marginally higher at 6,690 after closing 0.1 percent higher in the previous session.
Vivendi shares fell 1.2 percent. The conglomerate agreed to sell an additional 2.9 percent of Universal Music Group to Pershing Square for $1.15 billion.
In economic releases, France consumer prices grew at the fastest pace in nearly three years in August largely driven by the rebound in manufactured goods prices linked to the end of summer sales, the provisional estimate from the statistical office Insee showed earlier in the day.
Consumer price inflation rose more-than-expected to 1.9 percent in August from 1.2 percent in July. Economists had forecast the inflation rate to rise to 1.7 percent. This was the highest since October 2018, when the price growth was 2.2 percent.
On a monthly basis, consumer prices gained 0.6 percent in August versus a 0.1 percent rise in the previous month. Prices were forecast to climb 0.4 percent.
Another report from the Insee showed that domestic producer price inflation accelerated to 8.6 percent in July from 7.6 percent a month ago. On month, the producer price index rose 1.3 percent after climbing 1.1 percent in June.
CAC 40 Little Changed In Cautious Trade
2021-08-31 09:07:30
