CAC 40 Little Changed As Traders Pare Fed Rate Cut Bets
(RTTNews) - French stocks were little changed on Monday as robust U.S. jobs data released on Friday lifted bond yields.
After U.S. employers added more jobs than expected in September, traders have pared bets that the Federal Reserve will cut rates again by 50 basis points at its November 6-7 meeting.
According to the CME Group's FedWatch Tool, traders now price in only an 8 percent chance of a 50-bps rate cut, down from around 31 percent earlier on Friday and from 53 percent a week ago.
The benchmark CAC 40 was marginally lower at 7,537 after surging 0.9 percent on Friday.
Banks traded mostly higher, with Credit Agricole rising nearly 1 percent and BNP Paribas rising half a percent.
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