French equities dropped on Monday after Moody's downgraded France's credit rating to Aa3, citing worsening public finances and political instability.
The CAC 40 index, which tracks France's largest companies and is mirrored by theiShares MSCI France Index Fund(NYSE:EWQ), fell 0.9% by 8:20 a.m. in New York, eyeing its third straight session in the red.
Moody's: France's Fiscal Challenges Are Escalating
In a report issued on Saturday, Moody's highlighted France's high debt burden, ongoing political instability, and diminished ability to consolidate public finances as key drivers for the downgrade.
The outlook was revised from...
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