CAC 40 Slides As Fed Flags Lack Of Further Progress On Inflation
(RTTNews) - French stocks fell notably on Thursday after the U.S. Federal Reserve said it doesn't plan to cut interest rates until it has "greater confidence" that price increases are slowing.
Also weighing on sentiment, the latest HCOB PMI data showed that conditions in the French manufacturing sector continued to deteriorate at the start of the second quarter.
The benchmark CAC 40 was down 67 points, or 0.8 percent, at 7,919 as trading resumed after the May Day holiday.
In corporate news, office services and call center company Teleperformance surged nearly 10 percent after quarterly revenue jumped 26.7 percent, boosted by its acquisition of Dutch rival Majorel completed last year.
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Commodity Currencies Rise Against Majors
The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Wednesday.
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Asian Markets Trade Mixed
Asian stock markets are trading mixed on Wednesday, following the mixed cues from Wall Street overnight, amid concerns about escalating tensions between the U.S. and Russia over the war in Ukraine after Russian President Vladimir Putin updated the nuclear doctrine. Asian markets closed mostly higher on Tuesday.
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Japanese Market Modestly Lower
The Japanese stock market is trading modestly lower in choppy trading on Wednesday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 38,400 level, with weakness across most sectors led by financial and technology stocks.
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Thai Stock Market May Add To Its Winnings On Wednesday
The Thai stock market has moved higher in two straight sessions, gathering almost 20 points or 1.4 percent along the way. The Stock Exchange of Thailand now sits just above the 1,460-point plateau and it's likely to open to the upside again on Wednesday.
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Additional Support Called For Indonesia Stock Market
The Indonesia stock market on Tuesday snapped the four-day losing streak in which it had dropped almost 190 points or 2.5 percent. The Jakarta Composite Index now rests just beneath the 7,200-point plateau and it's expected to open in the green again on Wednesday.
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Australian Market Modestly Lower
Australian shares are trading modestly lower on Wednesday, snapping a four-session winning streak, with the benchmark S&P/ASX 200 staying above the 8,300 level, following the mixed cues from Wall Street overnight, with weakness in technology, financial and energy stocks partially offset by gains in mining stocks.
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Higher Open Anticipated For Hong Kong Shares
The Hong Kong stock market has climbed higher in two straight sessions, rallying more than 235 points or 1.2 percent along the way. The Hang Seng Index now sits just above the 19,660-point plateau and it's expected to open to the upside again on Wednesday.
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China Shares May Extend Tuesday's Gains
The China stock market on Tuesday halted the three-day slide in which it had stumbled almost 120 points or 3.7 percent. The Shanghai Composite now sits just beneath the 3,350-point plateau and it's expected to open higher again on Wednesday.
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