BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were moving lower on Wednesday as European business data disappointed and several Federal Reserve officials warned of more damage to the economy from the coronavirus.
The euro area private sector experienced a record downturn in April due to the severe disruption caused by the coronavirus pandemic, final survey results from IHS Markit showed.
The composite output index slid to a new series low of 13.6 from March's 29.7 as both manufacturing and services reported record fall in output in April. The flash score was 13.5.
Chicago Federal Reserve President Charles Evans warned on Tuesday that the decision to reopen the economy has high risks and policymakers will have a better idea of the outlook by the summer.
Richard Clarida, vice chair of the Federal Reserve, told CNBC that more Fed support likely will be needed to guide the country through the current recession.
Atlanta's Fed president Raphael Bostic said the pace and shape of the U.S. economic recovery when the novel coronavirus outbreak abates is still highly uncertain and will vary across the country.
The benchmark CAC 40 was down 16 points, or 0.37 percent, at 4,466 after rallying 2.4 percent the previous day.
Crédit Agricole Group shares rose over 2 percent. The bank's profit fell in the first quarter as it set aside more provisions to cover potential loan losses.
Water and waste management utility Veolia Environnement declined 1.5 percent. The company unveiled more cost-cutting plans after reporting a fall in first-quarter profits and revenues.
Copyright RTT News/dpa-AFX
© 2020 AFX News
