French stocks erase gains on economic fears

By Jeff Davies

Equities in the biggest exchanges in Europe retreated from the strongest levels in more than six months on Tuesday toward the middle of the session. Sentiment soured and the blue-chip index of stocks turned negative at the Euronext in Paris on speculation in the media that some officials from the European Central Bank aren’t convinced in the projected rebound in the Eurozone’s economy in the second half of the year.

It comes on top of reports that policymakers aren’t open toward the possibility to exempt some of the lenders’ deposits from negative rates. They are also said to be opposed to taking the benchmark lower than the current 0.4% under zero.

The FTSE 100 was 0.39% higher in London at 11:30 pm GMT. Prudential climbed 2.06% to the top of the performance board. The French CAC 40 was down 0.03%, but the country’s three biggest banks pulled back only moderately from session highs. The DAX was 0.61% in the green, led by ThyssenKrupp’s 3.11% jump. The euro slipped only 0.05% to $1.13039.

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