CAC 40 Slides Amid Political Turmoil
2024-12-13
1713
(fxcue news) - French stocks edged lower on Tuesday in the face of mounting political and economic challenges in Germany and France.
The National Assembly on Monday approved a special law to allow the government to maintain core state functions in the absence of a budget for 2025, helping temporarily avoid a U.S.-style government shutdown.
The law will act as a stopgap until France's deeply divided parliament passes next year's proper budget bill drafted by the new Bayrou government, most likely in early 2025.
The country's central bank on Monday downgraded its 2025 growth forecast to 0.9 percent from 1.2 percent, citing "increased uncertainty" for the economic outlook.
The benchmark CAC 40 was down 10 points, or 0.1 percent, at 7,348 after declining 0.7 percent in the previous session.
Airbus shares advanced 1.5 percent after Deutsche Bank upgraded its rating on the stock to "buy" from "hold".
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