CAC 40 Slips Into Red As Riksbank Surprises With Big Hike
(RTTNews) - French stocks were moving lower in chippy trade on Tuesday as a two-day policy meeting of the Federal Reserve gets underway later today.
A jumbo rate hike of 75-100 bps is on the cards after hotter-than-expected U.S. inflation data last week.
Earlier today, Sweden's central bank raised its benchmark rate at a sharper-than-expected pace, citing high inflation.
The Executive Board of Riksbank raised the key interest rate by 1 percentage point to 1.75 percent while markets had widely expected a 75 basis-point rate hike.
The board said the monetary policy needs to be tightened more to bring inflation back to the target. The forecast indicated that the policy rate will be raised further in the coming six months.
The benchmark CAC 40 was down 12 points, or 0.2 percent, at 6,049 after declining 0.3 percent in the previous session.
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