CAC 40 Drifts Lower Ahead Of EU Summit

(RTTNews) - French stocks were moving lower on Friday as coronavirus worries persisted and investors awaited the outcome of an EU summit staring today for directional cues.

It is expected that leaders will bridge differences and agree on a 750-billion-euro recovery fund for the bloc. They also need to agree on a seven-year budget worth another €1.07 trillion.

German Chancellor Angela Merkel said earlier today that the differences are very very big and she cannot say if there will be a solution this time.

French President Emmanuel Macron said it was a "moment of truth" for Europe and the next hours would be decisive.

The benchmark CAC 40 index dropped 22 points, or 0.43 percent, to 5,063 after ending down half a percent the previous day.

Banks BNP Paribas, Credit Agricole and Societe Generale fell between 0.8 percent and 2.2 percent.

Peugeot advanced 1.2 percent after Daimler said auto markets recovered at the tail end of the second quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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