CAC 40 Retreats As Growth Worries Mount
(RTTNews) - French stocks fell sharply on Tuesday after social media platform Snap warned that it will miss earnings forecasts for the current quarter due to deteriorating macroeconomic environment.
Sentiment was also dented by concerns over a possible recession, China's COVID-19 curbs and signs that the European Central Bank is turning more hawkish.
The euro stood tall after ECB President Christine Lagarde surprised market players on Monday with a blogpost stating that the central bank could increase rates in July.
In economic releases, French composite PMI dropped from 57.6 to 57.1 in May, a survey showed earlier in the day.
The benchmark CAC 40 dropped 90 points, or 1.4 percent, to 6,268 after gaining 1.2 percent on Monday.
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