CAC 40 Slides As Investors Weigh Political Risks

RTTNews | 2 days ago
Stocktwits
CAC 40 Slides As Investors Weigh Political Risks

(RTTNews) - French stocks fell sharply on Monday after reports emerged that the country's far-right National Rally (RN) party will likely back a no-confidence motion against the government in the coming days unless the disputed draft budget meets her party's demands.

Investors were also reacting to the results of a survey by S&P Global that showed France's manufacturing sector faced in November its steepest decline in new orders since the first wave of the COVID-19 pandemic in 2020.

The benchmark CAC 40 was down 66 points, or 0.9 percent, at 7,169 after surging 0.8 percent on Friday.

China-related Hermes International and LVMH were up 1.6 percent and half a percent, respectively after a private survey showed the manufacturing sector in China expanded at a faster pace in November, with the corresponding PMI rising to 51.5 from 50.3 in October.

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European Economic News Preview: Eurozone Final Composite PMI Due

European Economic News Preview: Eurozone Final Composite PMI Due

Final composite and services Purchasing Managers' survey results from the euro area and the UK are due on Wednesday, headlining a busy day for the European economic news. At 3.15 am ET, Spain's services Purchasing Managers' survey data is due. Economists expect the index to fall to 53.6 in November from 54.9 in the previous month.
RTTNews | 8h 31min ago
Aussie Falls As Weaker GDP Growth Spurs RBA Rate Cut Speculation

Aussie Falls As Weaker GDP Growth Spurs RBA Rate Cut Speculation

The Australian dollar weakened against other major currencies in the Asian session on Wednesday, as slower domestic growth spurred bets that the Reserve Bank of Australia (RBA) is likely to cut interest rates in early 2025. Also, a private survey showed that China's services sector grew less than expected in November.
RTTNews | 9h 2min ago
Asian Markets Trade Mixed

Asian Markets Trade Mixed

Asian stock markets are trading mixed on Wednesday, following the mixed cues from Wall Street overnight, as traders react to the political turmoil in South Korea, a deepening political crisis in France and faltering economic growth in China, with the South Korean market plunging over 2 percent. They also remain optimistic about an interest rate cut by the US Fed in December.
RTTNews | 10h 22min ago
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