Markets

CAC 40 Tumbles As Virus Cases Spike

(RTTNews) - French stocks tumbled on Wednesday as investors fretted over the double whammy of record coronavirus cases and political deadlock in Washington over a new stimulus package.

French President Emmanuel Macron is expected to announce fresh restrictions in a televised address today to tackle a resurgence of the Covid-19 virus, the Wall Street Journal reported.

Hopes of U.S. stimulus faded after U.S. President Donald Trump admitted that talks have collapsed for a coronavirus stimulus package before Election Day.

"After the election, we will get the best stimulus package you have ever seen," Trump told reporters at the White House.

Investors also grappled with uncertainty over the impending U.S. presidential election after recent polls showed former Vice President Joe Biden with a narrow lead over President Donald Trump.

The benchmark CAC 40 fell 134 points, or 2.8 percent, to 4,597 after losing 1.8 percent in the previous session.

Peugeot fell nearly 4 percent. The automaker posted a fall in third-quarter revenue and said it expects the European car market to drop 25 percent in 2020.

Retailer Carrefour declined 1.5 percent. The company said it was well on track with a strategic overhaul plan aimed at boosting earnings and sales.

Shares of Sopra Steria plunged 12 percent. The consulting and software development company generated revenue of €987.6 million in the third quarter of 2020, representing negative growth of 4.9 percent.

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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