VIENNA (dpa-AFX) - French shares drifted lower on Friday as investors digested GDP and consumer confidence data, and looked ahead to Fed Chair Janet Yellen's speech at Jackson Hole later today for clues on the economy and monetary policy.
With several Federal Reserve officials arguing the case for another interest-rate increase and the recent run of U.S. data suggesting improving economic conditions, market participants are waiting to see whether Yellen will keep open the option of a further rate hike in September.
The CAC 40 was down 9 points or 0.20 percent at 4,397 in late opening deals after hitting as low as 4,388 earlier in the session. The benchmark index declined 0.7 percent in the previous session following hawkish comments from two more Federal Reserve officials.
Media company Vivendi slumped over 4 percent as it logged a steeper-than-expected fall in second-quarter profits and unveiled plans to cut 300 million euros in costs from its pay-TV unit Canal Plus.
In economic releases, French GDP stagnated as estimated in the second quarter, but the country's consumer confidence improved unexpectedly in August, separate reports from the statistical office INSEE showed.
According to the second estimate, French GDP remained flat from the prior quarter after expanding 0.7 percent in the first quarter. The consumer confidence index rose to 97.0 from 96.0 in the previous month, as households became more confidence about their personal financial situation.
Elsewhere, GfK market research group's forward-looking consumer confidence index for Germany rose to 10.2 in September, its best reading since June last year.
Copyright RTT News/dpa-AFX