Weak PMI Data, Profit Taking Push CAC 40 Lower
(RTTNews) - French stocks drifted lower on Monday with traders choosing to take some profits, cashing in recent gains. Data showing deterioration in Eurozone and French manufacturing sector activity in the month of November hurt as well.
The benchmark CAC 40 was down 59.56 points or 0.73% at 8,063.31 a few minutes ago.
Airbus shares tanked nearly 9% on reports the aircraft maker has recalled thousands of its A320 family aircraft due to potential failures in the ELAC control system caused by powerful solar flares.
Thales drifted down 2.9%, Bureau Veritas and Safran lost 2.3% and 2.2%, respectively.
Euronext, EssilorLuxottica, Legrand, Dassault Systemes, Stellantis and Bouygues were down 1.2 to 1.4%.
Meanwhile, Hermes International and Carrefour climbed 1.7% and 1.2%, respectively. LVMH, Pernod Ricard, Danone, Kering, Sanofi, Air Liquide, Eurofins Scientific, ArcelorMittal and L'Oreal gained 0.5 to 1.1%.
Data from S&P Global showed France's manufacturing activity shrank as many companies held back investment due to political uncertainty. France's final factory PMI also dropped to a nine-month low of 47.8, in line with flash estimate, from 48.8 in the prior month.
Eurozone manufacturing activity weakened in November as new orders decreased signalling fresh headwinds to demand, final survey data from S&P Global showed.
The HCOB manufacturing Purchasing Managers' Index fell to 49.6 from 50.0 in October. The flash reading was 49.7.
The score signaled a renewed deterioration in manufacturing conditions across the single currency union. Although the decline was the most pronounced since June, it was only marginal.
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