CAC 40 Edges Higher As Rate Hike Worries Ease

RTTNews | 735 days ago
Stocktwits
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.

Stocktwits
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Swiss Market Ends Marginally Up After Choppy Session

Swiss Market Ends Marginally Up After Choppy Session

After a positive start Wednesday morning, the Switzerland market turned subdued and then fell into the red around mid afternoon, but recovered gradually to finally end the day's session marginally higher.
RTTNews | 5h 38min ago
European Stocks Close Higher Again

European Stocks Close Higher Again

European stocks closed higher on Wednesday despite concerns about fresh tariffs by U.S., and data showing a bigger than expected increase in U.S. consumer price inflation raising prospects of the Federal Reserve holding interest rates higher for longer.
RTTNews | 5h 56min ago
Euro Rises Against Majors

Euro Rises Against Majors

The euro firmed against its major counterparts in the New York session on Wednesday.
RTTNews | 6h 1min ago
U.S. Consumer Prices Climb 0.5% In January, More Than Expected

U.S. Consumer Prices Climb 0.5% In January, More Than Expected

Consumer prices in the U.S. increased by more than expected in the month of January, according to a report released by the Labor Department on Wednesday. The Labor Department said its consumer price index advanced by 0.5 percent in January after climbing by 0.4 percent in December. Economists had expected consumer prices to rise by 0.3 percent.
RTTNews | 10h 20min ago
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