CAC 40 Tumbles With Banks Under Pressure
(RTTNews) - French stocks fell sharply on Friday, with banks coming under selling pressure once again on a Bloomberg report that Credit Suisse Group and UBS Group AG are among the banks under scrutiny in a U.S. Justice Department probe for potentially helping Russian oligarchs evade sanctions.
Meanwhile, investors shrugged off data showing that French business activity strengthened in March by more than forecast.
S&P Global's flash reading for the composite PMI - which comprises both the services and manufacturing sectors - rose to 54.0 points from 51.7 in February.
The benchmark CAC 40 was down 82 points, or 1.3 percent, at 7,045 after closing 0.1 percent higher on Thursday.
Banks BNP Paribas, Credit Suisse and Societe Generale slumped 2-4 percent.
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Chicago Business Barometer Jumps But Still Indicates Contraction In February
A report released by MNI Indicators on Friday showed its reading on Chicago-area business activity jumped by much more than expected in the month of February but continued to indicate contraction. MNI Indicators said its Chicago business barometer shot up to 45.5 in February from 39.5 in January. Economists had expected the Chicago business barometer to show a much more modest increase to 40.6.
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5h 56min ago
U.S. Consumer Prices Increases In Line With Estimates In January
Closely watched readings on U.S. consumer price inflation increased in line with economist estimates in the month of January, according to a report released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent in January, matching the increase seen in December as well as economist estimates.
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6h 11min ago
U.S. Consumer Price Inflation Data Matches Estimates In January
Closely watched readings on consumer price inflation increased in line with economist estimates in the month of January, according to a report released by the Commerce Department on Friday.
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7h 13min ago
France Inflation Lowest In 4 Years On Energy Prices
French inflation sunk to the lowest in four years in February due to a notable fall in electricity prices and the economy contracted for the first time since early 2023, official data showed Friday. Consumer price inflation was 0.8 percent in February compared to 1.7 percent in January, the statistical office INSEE said. This was the weakest since February 2021 and was also below forecast of 1.0
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7h 43min ago
German Unemployment Rises Less Than Expected
German unemployment increased only moderately in February but the economic weakness remained visible on the labor market, the Federal Employment Agency said Friday. The number of people out of work rose 5,000 in February, while economists had forecast a sharp increase of 14,000. Unemployment had increased 11,000 in January.
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7h 59min ago
Bay Street Likely To Open On Cautious Note
The Canadian market is likely to open on a cautious note Friday morning with investors reacting to Canadian GDP data and the latest batch of earnings updates.
Investors also await the U.S. Personal Consumption Expenditure data, due this morning, for insights into the Federal Reserve's monetary policy.
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8h 12min ago
FTSE 100 Modestly Higher On Earnings
U.K. stocks are up in positive territory Friday morning, with investors reacting to some strong quarterly earnings updates. Tariff concerns limit market's upside.
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9h 7min ago
Holcim Shares Gain On Growth In FY24 Recurring EBIT, Dividend Hike, Positive Outlook
Shares of Holcim Group were gaining 3 percent in Switzerland after the building materials firm reported Friday higher recurring EBIT and margin in fiscal 2024, even as net profit and net sales were lower than last year. Looking ahead, for fiscal 2025, Holcim expects continued profitable growth with over proportional growth in recurring EBIT, further expansion of recurring EBIT margin...
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9h 9min ago
