CAC 40 Slides On Growth Concerns

(RTTNews) - French stocks were moving lower on Wednesday after a measure of business morale pointed to weakening economic growth in Germany, Europe's largest economy.

In addition, France's manufacturing confidence deteriorated for the first time in five months in April to its lowest level in over two-and-a-half years, preliminary data from the statistical office INSEE showed.

The manufacturing confidence index fell to 101 from a revised 103 in March. The reading held steady at 103 since December.

Investors also fear that Beijing will slow the pace of policy easing following some signs of stabilization in the world's second-largest economy.

The benchmark CAC 40 index was down 14 points or 0.24 percent at 5,578 after gaining 0.2 percent on Tuesday.

Renault shares tumbled 3.4 percent after its Japanese partner Nissan Motor lowered its profit forecast for the fiscal year through March amid slowing sales and the fallout from the criminal investigation of its former chairman, Carlos Ghosn.

Elior Group jumped 4.4 percent. The operator in the catering and support services has received a 1.54 billion euros binding offer for its concession catering operations grouped within its Areas unit from PAI Partners.

Rémy Cointreau, a wine and spirits company, was little changed after reporting a rise in FY19 sales and confirming its current operating profit growth outlook.

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