French CAC 40 index was at a standstill after the release of the France Consumer Price Index (CPI) for June. Germany’s DAX index was in the red after the release of its CPI data for the same month. UK’s FTSE 100 index slightly increased ahead of the country’s CPI data on Wednesday. Euro STOXX 50 index was slightly changed.
France Economic Concerns
French CAC 40 slipped after the release of the weak Consumer Price index (CPI) for June. The CPI for June came in at 0.1% MoM which was weaker than the estimated forecast for a 0.2% advance. It also decreased from the 0.3% increase in May.
The French CPI hit its estimated forecast of 1.5% on a year-on-year basis. Core inflation for June rose 1.1% YoY. The Harmonized Consumer Price Index (HICP) advanced 0.2% over a month in June and 1.9% over a year.
The price of manufactured products snapped from its four-month losing streak in June. The prices came in 0.7% higher in June on a year-on-year basis. Food prices dipped 0.2% YoY and were driven by a nosedive in the prices of fresh produce.
The growth pace of services eased in June compared to May. The price of services increased 0.8% YoY in June from 1.1% in May. Energy prices slowed down in the same month. Energy prices came in at 10.9% on a year-on-year basis.
CAC 40 Movers
Legrand was among the best performers in the CAC 40 index. The French industrial group gained nearly 1% in its stock earnings. The company recently introduced Cabloblend systems for data center projects. The Cabloblend systems enable contractors to create vertical drops for data centers easily and faster.
ArcelorMittal was also among the best performers in the index. The steel production company remains in contention for Liberty Steel’s key French assets. ArcelorMittal also formalized the creation of the 5G steel consortium with Ericsson.
Alstom led the laggards in the CAC 40 index. The manufacturing operation company slipped 3.14%. Alstom announced its plans to supply 19 additional Metros to Ile-de-France mobilities.
Atos inched 1.64% lower on Tuesday continuing its two-day losing streak. The computers and information technology company cut its full-year earnings forecast.