BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were moving lower on Tuesday as investors fretted about renewed U.S.-China tensions and a gloomy economic outlook.
Underlying sentiment, however, remained supported somewhat after Germany and France joined forces to push for a €500bn EU recovery fund that would offer grants to European Union regions and sectors hit hardest by the pandemic.
The benchmark CAC 40 index slid 23 points, or 0.54 percent, to 4,474 after climbing 5.2 percent the previous day following encouraging reports on a potential Covid-19 vaccine and on easing of lockdowns across several countries.
Spirits company Remy Cointreau plunged more than 5 percent after Goldman Sachs downgraded its shares to 'neutral' from 'buy'.
Automaker Renault tumbled 3.8 percent and Peugeot lost 3.7 percent.
Europe's car registrations declined at the strongest pace since records began in April amid Covid-19, pandemic, the European Automobile Manufacturers Association said today.
Passenger car sales plunged 76.3 percent year-on-year in April, following a 55.1 percent fall in March. In the first full month of Covid-19 restriction, car demand posted its biggest fall on record.
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