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CAC 40 Slips Ahead Of Busy Week

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(RTTNews) – French stocks edged lower in cautious trade on Monday as investors awaited a slew of corporate earnings results as well as the Federal Open Market Committee’s policy meeting this week for directional cues.

Chinese President Xi Jinping is set to deliver his first speech since U.S. President Joe Biden entered the White House at the World Economic Forum’s “The Davos Agenda 2021” online event.

The Federal Open Market Committee monetary policy decision and briefing by Chair Jerome Powell are scheduled for Wednesday.

The benchmark CAC 40 dropped 6 points, or 0.1 percent, to 5,553 after closing 0.6 percent lower on Friday.

Telecommunications operator Orange rose 0.6 percent. The company announced that it has agreed to sell 50 percent equity interest and co-control of Orange Concessions to La Banque des Territoires, part of France’s state-owned bank Caisse des Depots, insurer CNP Assurances and EDF Invest consortium.

Meanwhile, Sanofi, Capgemini, Generali and Orange announced plans to create a joint venture in France that will help model the healthcare solutions of the future.

The companies will create a digital ecosystem to federate large companies and startups at a European level, around an open-innovation approach.

Sanofi shares gained half a percent and Capgemini was marginally higher.

Eurofins Scientific edged down slightly. The testing laboratories company said its business outlook remains strong for 2021 and beyond.