France’s CAC 40 Drops 10% From May High, Set for Correction
- Disappointing earnings, political concerns push stocks lower
- Index is down for the year, underperforming other benchmarks
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French stocks are on the verge of a 10% correction from their May record, weighed down by disappointing earnings from heavyweights such as Kering SA as well as political turmoil that has investors fretting about the state of the nation’s finances.
The CAC 40 Index dropped 2.0% to 7,362.68 points at 12:17 p.m. Thursday in Paris. If the index closes at 7,415.99 or lower, it will be in a correction, defined as a decline of 10% from a recent high.