CAC 40 Gains As Banking Worries Ebb
(RTTNews) - French stocks opened higher on Wednesday after top U.S. finance officials pledged to use all tools for any size institution, as needed, to keep the financial system safe and sound.
The regulators defended decisions they made both before and after the collapse of SVB, noting the bank failed because its management failed to appropriately address clear interest rate risks and clear liquidity risks.
The benchmark CAC 40 was up 67 points, or 1 percent, at 7,156 after closing 0.1 percent higher on Tuesday.
Among the top gainers, AXA, Arcelor Mittal, Kering, Louis Vuitton, Publicis Groupe all rose around 2 percent.
Banks BNP Paribas, Credit Agricole and Societe Generale were up around 1 percent each.
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TSX Ends More Than 1% Up
After a weak start and a subsequent recovery, the Canadian market slipped into negative territory around early afternoon on Friday, but gained in strength after that with stocks from industrials, financials, utilities and consumer staples attracting buyers.
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Dollar Rises Against Major Counterparts
The U.S. dollar climbed higher on Friday, extending gains from the previous session following U.S. President Donald Trump's announcement that the 25% tariffs on Canada and Mexico, and an additional 10% on China, will take effect early next week.
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German Inflation Steady At 2.3% In February
Consumer price inflation in Germany was unchanged in February, while the core price growth slowed as the cost of food increased strongly, preliminary data from the statistical office Destatis showed on Friday.
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Canadian Market Modestly Higher In Cautious Trade
The Canadian benchmark S&P/TSX Composite Index is modestly higher in late afternoon trades on Friday with stocks turning in a mixed performance.
Worries about U.S. tariffs and their potential impact on global economic growth appear to be weighing on sentiment. Investors are also digesting the nation's GDP report and U.S. PCE reading.
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Pound Retreats Amid Risk Aversion
The pound pulled back against its most major counterparts in the New York session on Friday, as risk sentiment dampened after a meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy devolved into a shouting match.
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Swiss Market Ends On Firm Note
After a weak start and a subsequent recovery, the Swiss market struggled for direction till mid afternoon on Friday, but gained in strength thanks to some brisk buying at several counters in last ninety minutes of the day's session.
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CPSC Recalls: Gas Boilers, Bicycles, Wall Sconces, Window Shades, Baby Loungers, Pajama Sets
The U.S. Consumer Product safety Commission or CPSC has announced various recalls including gas boilers, triathlon bicycles, wall sconces, window shades, baby loungers, high chairs, pajama sets and robes, and avalanche transceivers, among others.
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European Stocks Turn In Mixed Performance
European stocks turned in a mixed performance on Friday as investors amid uncertainty about the outlook for growth as the Trump Administration's fresh and stringent tariffs of 25% on goods from Canada and Mexico, and an additional 10% levy on Chinese imports are set to commence from next week.
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