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CAC 40 Tumbles On Virus Worries

(RTTNews) - French stocks fell sharply on Wednesday after Eurozone finance ministers failed to agree on the region-wide stimulus measures following 16 hours of talks, as Italy refused to abandon its plea for "coronabonds" to share the burden.

Italy wanted a more ambitious agreement with clearer references to future common debt issuance, while the Netherlands pushed for conditions to any EU credit line to countries in need, media reports said.

Eurogroup President Mario Centeno said 'We came close to a deal but we are not there yet'. He has suspended the discussions until Thursday.

Also weighing on investor sentiment, the Bank of France said the French economy has entered recession with an estimated 6 percent drop in the first quarter of this year compared to the previous three months.

Every two weeks under lockdown could lead the French annual economic activity to shrink by 1.5 percent, the Bank de France said in a statement.
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