CAC 40 Slides As US Death Toll Tops 6000

(RTTNews) - French stocks fell on Friday after the latest data showed at least 6,058 people in the U.S. have died from the coronavirus disease.

The U.S. has 245,540 cases as of midnight ET Friday morning and more than 9,100 recoveries. New York has reported over 90,000 positive cases of COVID-19 so far.

The benchmark CAC 40 was down 44 points, or 1.04 percent, at 4,178 after closing up 0.3 percent the previous day.

Total SA shares fell over 3 percent despite oil extending overnight gains in choppy trade on hopes for a Saudi-Russia deal that U.S. President Donald Trump said he had brokered.

Sanofi advanced 1.7 percent. Regeneron Pharmaceuticals, Inc. and Sanofi have announced detailed positive results from a pivotal Phase 3 trial evaluating Dupixent (dupilumab).

Lender BNP Paribas lost about 4 percent after cancelling its 2019 dividend.

Hospitality group Accor rose 0.4 percent. The company said it would cancel its planned dividend payout against 2019 earnings due to the coronavirus health crisis, which will see it shutter two thirds of its hotels in the coming weeks.

Electric utility EDF traded slightly higher after cancelling payment of its final dividend.

On the economic front, the euro area private sector logged its biggest monthly fall on record in March as the coronavirus pandemic impacted heavily on economic activity, final data from IHS Markit showed.

The final composite output index fell sharply to 29.7 in March from 51.6 in February. This was also weaker than the flash estimate of 31.4.

Both services and manufacturing sectors recorded notable declines in output in March. Manufacturers posted the sharpest fall in production since April 2009. At the same time, services activity declined at a record pace.

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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