CAC 40 Slides On Earnings

French stocks traded lower on Wednesday, with weak earnings and caution ahead of a European Central Bank (ECB) policy meeting on Thursday denting investor sentiment.

The ECB is likely to deliver another interest rate cut after recent data signaled continued weakness in the euro zone economy.

The benchmark CAC 40 was down 46 points, or 0.6 percent, at 7,476 after declining 1.1 percent in the previous session.

LVMH slumped 4 percent after sales of fashion and leather goods unexpectedly fell at its biggest unit for the first time since 2020.

Peer Kering dropped 2.3 percent and Hermes International gave up 1.7 percent.

Rexel SA plunged 4.6 percent. The distributor of electrical supplies cut its 2024 outlook due to negative trading environment in Europe.