French stocks declined on Friday amid uncertainty in the country’s property sector after Evergrande and Kaisa Group Holdings officially defaulted on their dollar debt. The developers were downgraded to “restricted default” by rating agency Fitch.
Investors also avoided big bets ahead of U.S. consumer inflation data for November due this evening and the FOMC meeting next week.
The benchmark CAC 40 dropped 33 points, or half a percent, to 6,975 after ending 0.1 percent lower the previous day.
Saint-Gobain fell 1 percent. The building materials firm said it has sold its regional glass transformation business Glassolutions in Denmark to the German glass manufacturer Semcoglas Holding GmbH for an undisclosed amount.
Banks declined, with Societe Generale losing nearly 1 percent after naming a new chief operating officer.
Casino Group edged up slightly. The retailer has completed the definitive disposal of 3 percent of Mercialys equity through a total return swap of maturity March 2022.
Market Analysis
CAC 40 Dips As China Evergrande Defaults
2021-12-10 09:18:32
