CAC 40 Drifts Lower Ahead Of Powell's Speech
(RTTNews) - French stocks declined on Tuesday as political and policy uncertainty weighed ahead of a second-round vote on July 7.
Market participants predict a hung parliament, which would risk policy paralysis for the rest of Macron's presidency till 2027.
Traders also await the release of euro zone inflation data and comments from Federal Reserve Chair Jerome Powell later in the day for near-term directional cues.
The benchmark CAC 40 dropped 45 points, or 0.6 percent, to 7,516 after rallying 1.1 percent in the previous session.
The U.S. dollar got a lift from a pop higher in Treasury yields following the U.S. Supreme Court's ruling that presidents, including Donald Trump, have broad immunity from prosecution.
In corporate news, food services and facilities management firm Sodexo S.A. plunged 5 percent after Q3 sales lagged expectations.
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