CAC 40 Slips After Recent Gains; Credit Agricole Shares Tumble 7%

(RTTNews) - French shares drifted lower in lackluster trade on Friday, as falling oil prices and disappointing industrial profits data from China served to induce a little bit of caution following a recent run-up in prices.

Traders await U.S. GDP data and comments from Federal Reserve Chair Janet Yellen later in the day to see if an interest-rate increase is still in play for June's policy meeting.

The benchmark CAC 40 was down 5 points or 0.12 percent at 4,507 in late opening deals after rising 0.7 percent the previous day.

Credit Agricole slumped 7 percent after reportedly announcing a Samurai bond offering.

BNP Paribas slid half a percent and Societe Generale Group lost 1 percent, a day after Spanish lender Banco Popular surprised investors with a plan to issue 2 billion new shares at a substantial discount to the market price.

Total SA shares dropped half a percent as oil prices eased from seven-month high to below $49 a barrel on oversupply concerns.

In economic releases, French consumer confidence unexpectedly strengthened in May to its highest level in more than fifteen years, figures from statistical office INSEE showed.

The consumer confidence index rose to 98 from 94 in March and April, implying that households are less pessimistic regarding their future financial situation and saving intentions for the next 12 months. Economists had expected the measure to remain steady.