CAC 40 Slides In Cautious Trade On SVB Fallout Concerns
(RTTNews) - French stocks were moving lower on Wednesday after annual inflation was revised upwards to 7.3 percent in February from 7.0 percent in January as a result of higher food prices.
Investors also kept a close eye on the developments surrounding the SVB crisis after Moody's Investors downgraded the outlook on the U.S. banking system to 'negative' from 'stable'.
The benchmark CAC 40 was down 43 points, or 0.6 percent, at 7,099 after gaining 1.8 percent the previous day.
Logistics company Bollore soared 8 percent after posting a rise in fourth-quarter revenue and announcing plans to launch a cash tender offer to acquire a maximum of just over 288.6 million shares, representing 9.78 percent of its share capital.
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U.S. New Home Sales Plunge Much More Than Expected In January
A report released by the Commerce Department on Wednesday showed a substantial pullback by new home sales in the U.S. in the month of January. The Commerce Department said new home sales plunged by 10.5 percent to an annual rate of 657,000 in January after spiking by 8.1 percent to an upwardly revised rate of 734,000 in December.
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6h 50min ago
Bay Street Likely To Open On Positive Note
Canadian shares are likely to open higher Wednesday morning, tracking positive global cues, and encouraging earnings from National Bank of Canada.
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9h 23min ago
German Consumer Confidence To Continue Negative Trend
Consumer sentiment in Germany is set to continue its negative trend as higher prices, economic and political uncertainty weigh on households' income expectations and their willingness to buy, a closely watched survey showed on Wednesday. The forward-looking consumer sentiment index unexpectedly fell to -24.7 in March from -22.6 in February, a survey jointly published GfK and NIM revealed.
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9h 58min ago
Thailand Cuts Key Interest Rate By 25 Bps
The Thai central bank reduced its key interest rate on Wednesday to address the increasing downside risks to the economy amid persistently low inflation. The Monetary Policy Committee of Bank of Thailand voted 6-1 to cut the policy rate by 25 basis points to 2.00 percent from 2.25 percent. One rate-setter preferred to keep the rate unchanged.
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10h 39min ago
Hong Kong Budget Focuses On Spending Cuts, Promoting AI
Hong Kong Financial Secretary Paul Chan unveiled the budget on Wednesday that largely focused on government spending cuts with minimal impact on people's livelihood and underscored the importance of artificial intelligence to enhance competitive edge. The government estimated a consolidated deficit of HK$87.2 billion for 2024-25, which was smaller than the HK$100 billion previous projection.
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11h 6min ago
FTSE 100 Advances; Convatec Rises On Strong Earnings
U.K. stocks are notably higher Wednesday morning, lifted by gains in mining and banking sectors. Slightly easing concerns over U.S. - Ukraine tensions after the two countries agreed on a minerals deal aid sentiment.
While mining stocks are up on firm copper prices, bank stocks are gaining thanks to some rating upgrades.
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12h 6min ago
CAC 40 Up Nearly 1%
French stocks are up in positive territory Wednesday morning with markets reacting positively news about U.S. and Ukraine agreeing on a minerals deal, which could help ease ongoing tensions between the two countries. Investors are also digesting some earnings updates.
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13h 2min ago
DAX Rises 1.2% As Investors React To Quarterly Earnings
Despite concerns about the impact of U.S. President Donald Trump's trade policies, German stocks are up firmly in positive territory Wednesday morning with investors reacting to quarterly earnings updates and news about Ukraine accepting an agreement on mineral rights with the U.S.
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13h 24min ago
