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CAC 40 Slips On Interest-rate Concerns
(RTTNews) - French stocks slipped into the red on Tuesday as investors fretted about higher interest rates and the outlook for economic growth.
ECB's Philip Lane told a French paper that the central bank will need to raise interest rates again in May and that rate hikes beyond May will depend on the incoming data.
Separately, board member Isabel Schnabel told Politico that inflation in the euro zone is proving sticky and a 50-bps rate hike is not off the table.
The benchmark CAC 40 was down 45 points, or 0.6 percent, at 7,528 after ending little changed with a negative bias the previous day.
Banks BNP Paribas, Credit Agricole and Societe Generale fell 1-3 percent after UBS reported a 52 percent slide in quarterly income.
Elsewhere, U.S. lender First Republic Bank said its deposits tumbled more than $100 billion last quarter and that it was exploring options such as restructuring its balance sheet.
Alstom climbed 1.2 percent after it won a contract valued at around 900 million euros ($994.9 million) to supply trams to Quebec City, Canada.
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