Tuesday, a report from the French statistical office INSEE showed that consumer spending dropped 2% in February from the prior month, reversing a 1.7% rise in January. Economists had expected spending to drop 1% in February.

Expenditure in durables fell 0.5% after a 2.5% increase in January, which was led by a decrease in expenditure in equipment goods and slow down in car purchases. Consumption expenditure in textile-leather plunged 8.7% in February, while household consumption in other manufactured slid 0.3%.

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