CAC 40 Extends Losses

French stocks fell sharply on Thursday as the arrest of the chief financial officer of Huawei Technologies Co. for possible extradition to the United States reignited trade worries.

Outraged at the arrest of Huawei CFO Wanzhou Meng in Canada, China’s foreign ministry spokesman Geng Shuang urged the U.S. and Canada to clarify the grounds for her detention, to release the detainee and earnestly safeguard the legitimate rights and interests of the person involved.

The benchmark CAC 40 was down 86 points or 1.74 percent at 4,857 in opening deals after closing 1.4 percent lower on Wednesday.

In stock-specific action, Capgemini slumped 6 percent after its board decided to co-opt Laura Desmond as a new director.

Aerospace equipment maker Latecoere plunged as much as 23 percent after cutting its 2019 earnings outlook.

Drugmaker Sanofi dropped 1.7 percent on reports that it plans to cut 670 jobs in France by end 2020.

Residential property company Vonovia rose over 1 percent after reporting a rise in nine-month profit and confirming its forecast for the year as a whole.