CAC 40 Edges Higher As Rate Hike Worries Ease
(RTTNews) - French stocks opened higher on Wednesday after Fed Chair Jerome Powell said he expects 2023 to be a year of "significant declines in inflation" but additional rate increases may be required if the economic data doesn't cooperate.
The benchmark CAC 40 was up 30 points, or 0.4 percent, at 7,162 after finishing marginally lower on Tuesday.
Societe Generale shares fell about 1 percent. The lender reported that its fourth-quarter Group net income fell 35.1 percent to 1.16 billion euros from last year's 1.79 billion euros.
Looking ahead for fiscal 2023, the bank expects a transition year, with the negative impacts related to the end of the TLTRO benefit and to the specific functioning of the French retail banking market.
Rival BNP Paribas advanced 1.5 percent and Credit Agricole gained 0.9 percent.
Little Movement Expected For Indonesia Stock Market
Japanese Market Sharply Higher
Overbought Hang Seng Tipped To Open In The Red
Australian Market Modestly Higher
Lower Open Called For China Stock Market
Taiwan Stock Market May See Continued Consolidation
Japan Producer Prices Rise 0.3% In January
