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French, European stock exchanges down, Air France back in black

The French stock exchange fell 1.08 per cent at opening on Thursday, as did most of Europe's bourses. France's private sector activity has declined in February, a study showed.

Now the good news - Air France CEO Frederic Gagey (L), Air France-KLM chairman and CEO Alexandre de Juniac (C) and KLM CEO Camiel Eurlings (R) prepare to announce Air France-KLM 2013 annual results
Now the good news - Air France CEO Frederic Gagey (L), Air France-KLM chairman and CEO Alexandre de Juniac (C) and KLM CEO Camiel Eurlings (R) prepare to announce Air France-KLM 2013 annual results ReutersPhilippe Wojazer
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After reaching its highest point since 2008 at the beginning of the week and closing up on Wednesday, the Cac-40 lost 46.94 points to 4,294.16 on Thursday morning.

The fall was blamed on poor figures from the US and a disappointing judgement by the Federal Reserve, followed by some poor results for French companies, with engineering firm Safran losing 3.5 per cent.

Despite recovery in French manufacturing, private sector activity has declined this month so far thans to bad results in services, according to analysts Markit.

A decline in Chinese manufacturing to its lowest level for seven months also depressed the European markets.

Frankfurt was down 1.54 per cent, London 0.87 per cent and pan-European indexes EuroStoxx 50 and FTSEEurofirst 300 fell 1.24 per cent and 1.03 per cent respectively.

It was not all bad news in France, however.

Air France, which has been going through a painful restructuring, was back in the black with 130 million euros profit in 2013, compared to a 336-million-euro loss in 2012.

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