BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were moving lower on Friday as Hong Kong's political unrest returned as a flashpoint in fast-deteriorating U.S.-China relations.
After China moved to strengthen control over Hong Kong with new security laws, U.S. President Donald Trump warned that Washington would react 'very strongly' if Beijing follows through on its plans.
Meanwhile, adding to concerns about a deep economic slump, the Chinese government has abandoned its decades-long practice of setting an annual target for economic growth, citing great uncertainty caused by the coronavirus pandemic.
The benchmark CAC 40 was down 24 points, or 0.54 percent, at 4,421 after declining 1.2 percent on Thursday.
Luxury goods makers that rely on China and Hong Kong for a chunk of sales were among the prominent decliners. LVMH dropped 1.4 percent and Kering gave up 1 percent.
Renault fell nearly 2 percent. The automaker could disappear if it does not get help very soon to cope with the coronavirus pandemic fallout, France's Finance Minister Bruno Le Maire said on Friday.
Copyright RTT News/dpa-AFX