The star CAC 40 index fell 0.17% to 6,646.49 points after opening higher shortly before 9:40 a.m.
On Tuesday, it had taken 0.35%, ending at its highest level since April.
The French economy contracted in November, for the first time since February 2021, according to data published Wednesday by the firm S&P Global.
The Flash PMI index, which measures private sector activity, thus stood at 48.8, down 1.4 points compared to October according to this first estimate.
However, an index above 50 indicates growth in activity, while an index below 50 signals a contraction.
The Parisian index has rebounded sharply for several weeks, driven by the hope that the slowdown in inflation, observed in particular in the United States, will make central banks more flexible in their next monetary policy decisions.
"We cannot ignore the message of the market, but we remain skeptical about the optimism that is winning," said Sebastian Paris Horvitz, director of research at Banque Postale AM.
For him, if "the idea that the dynamics of inflation will weaken quickly has gained market sentiment", it seems "difficult to consider price dynamics isolated from the macroeconomic context", in particular a tense labor market and a demand still robust, two factors contributing to inflation.
The minutes of discussions from the last US Federal Reserve (Fed) monetary policy meeting will provide new elements for the market after the Paris close.
The car backs up
The values of the automotive sector, one of the most sensitive to economic conditions, fell after the PMIs.
Stellantis lost 1.03% to 14.54 euros, Michelin 1.28% to 26.29 euros, Plastic Omnium 1.98% to 14.33 euros.
© 2022 AFP