Banque de France cuts Q-2 growth forecast

According to Banque de France's monthly economic report, "industrial activity declined in May, in particular in the automotive and metalworking sectors."

In the short term, the bank forecast points to a slight improvement of industrial businesses, however.

Last month, services witnessed "an overall decline, especially in the temporary work, transport and hotel-catering sectors." Nevertheless, the bank expects the sector to recover over the coming weeks.

Industry indicators lost fell by a point to 93 pts in May, while those of services stood at 92 pts down from 93 pts in April.

France, the Eurozone's 2nd largest economy, slashed its growth forecast to 0.7% this year from a prior target of 1% on the back of the Global recession.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.