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CAC 40 Little Changed Ahead Of ECB Meeting
(RTTNews) - French stocks held steady on Wednesday ahead of U.S. consumer inflation data due later in the day which could shed light on the size of a widely expected rate cut by the Federal Reserve at next week's policy meeting.
Focus was also on the European Central Bank (ECB), which is likely to reduce its own borrowing costs for the second time this year on Thursday.
The benchmark CAC 40 was marginally higher at 7,408 after declining 0.2 percent the previous day.
Drug maker Sanofi fell about 1 percent. The French company and its partner Regeneron have presented data from a phase 3 trial that could help push the megablockbuster across the finish line in the indication.
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U.S. Dollar Climbs Off Worst Levels But Continues To See Moderate Weakness
The U.S. dollar is seeing moderate weakness during trading on Friday, extending the downward move seen over the past week amid concerns about the impact of President Donald Trump's new tariffs.
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Swiss Franc Advances Against Euro, Pound
The Swiss franc moved up against the euro and the pound in the New York session on Friday.
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Swiss Market Ends Modestly Higher
The Switzerland market, which spent much of the day's session in negative territory, closed on a positive note on Friday, thanks to some strong buying at select counters in the final hour.
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Major European Markets Close Weak On Growth Worries Amid U.S. Policy Uncertainty
European stocks closed weak on Friday as uncertainty surrounding U.S. Government's trade policy, and growth concerns due to weak U.S. non-farm payroll data, rendered the mood cautious, prompting investors to lighten commitments ahead of the weekend.
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Powell Says Fed 'Well Positioned' To Wait For 'Greater Clarity' About Impact Of Trump's Policies
Citing uncertainty about the effects of President Donald Trump's policy changes, Federal Reserve Chair Jerome Powell reiterated Friday that the central bank does not "need to be in a hurry" to adjusted interest rates. Powell argued the Fed is "well positioned to wait for greater clarity" about the impact of Trump's policy changes.
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Canadian Dollar Falls After Soft Canada Jobs Data
The Canadian dollar declined against its major counterparts in the New York session on Friday, as disappointing jobs data raised expectations that the Bank of Canada will cut interest rates at the meeting next week.
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U.S. Employment Climbs Less Than Expected In February, Unemployment Rate Inches Higher
Employment in the U.S. increased by slightly less than expected in the month of February, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January. Economists had expected employment to grow by 160,000 jobs.
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Bay Street Likely To Open On Mixed Note
Canadian shares are likely to open on a mixed note Friday morning with investors reacting to jobs data from either side of the border, and the trend in commodities markets. Uncertainty surrounding Trump Administration's trade policy is likely to deter investors from making significant moves.
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