CAC 40 Subdued After Weak China Data

Global-trade.jpg

French stocks were subdued on Thursday as weak Chinese data as well as lack of progress toward denuclearization of the Korean Peninsula sapped investors' appetite for riskier assets.

A summit between U.S. President Donald Trump and the North Korean leader Kim Jong-un ended with no agreement after North Korea reportedly wanted all sanctions on it lifted in exchange, something the U.S. was not prepared to do.

China's manufacturing sector contracted for a third consecutive month in February, rekindling investor worries over slowing growth.

The benchmark CAC 40 was down 7 points or 0.14 percent at 5,218 in opening deals after declining 0.3 percent in the previous session.

Grocery retailer Carrefour Group advanced 1.5 percent. After reporting a net loss in its fiscal 2018, the company has issued upwards revision of several targets of the Carrefour 2022 plan.

In economic releases, France's household spending grew in January after a decline in the previous month, mainly driven by strong expenditure on energy, preliminary data from the statistical office INSEE showed.

Household spending grew 1.2 percent from December, when it decreased 1.5 percent. Economists had forecast a 1.1 percent increase.