French stocks declined on Tuesday, the dollar reached its peak for the year and the 10-year U.S. Treasury yield topped 4.5 percent amid bets that borrowing costs in the U.S. and Europe will remain higher for longer.
Fresh signs of stress in China’s property sector and worries about a possible U.S. government shutdown also kept investors nervous.
The benchmark CAC 40 was down 47 points, or 0.7 percent, at 7,076 after declining 0.9 percent in the previous session.
Sanofi SA was little changed. The drug maker announced the FDA has accepted for Priority Review the supplemental Biologics License Application for Dupixent to treat children aged 1 to 11 years with eosinophilic esophagitis.
The target action date for the FDA decision is January 31, 2024.
Aircraft manufacturing major Airbus SE rose about half a percent after announcing that it has appointed Christian Scherer as chief executive officer of its Commercial Aircraft business.
China-exposed LVMH, Kering and Hermes International dropped 1-2 percent as developments at Chinese developers China Evergrande Group and China Oceanwide Holdings dampened hopes for economic recovery in the world’s second largest economy.
Market Analysis
CAC 40 Drifts Lower On China Woes
2023-09-26 09:03:16
