CAC 40 Slides As Yields Rise
(RTTNews) - French stocks traded lower on Monday as Middle East worries escalated and investors awaited comments from ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell for additional clues on the rate outlook.
The benchmark CAC 40 dropped 107 points, or 1.4 percent, to 7,684 after gaining 0.6 percent on Friday.
Government bond yields nudged higher despite rising odds that the ECB will accelerate the pace of its interest rate cuts.
China-related stocks fell after data showed China's factory activity shrank for a fifth straight month and the services sector slowed sharply in September, offsetting investor euphoria over Beijing's big shot of stimulus.
LVMH dropped 1 percent and Kering lost 2 percent.
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TSX Hits New Record High Again, Ends 0.41% Up
The Canadian market posted a record closing high for the third consecutive day as technology stocks climbed higher on strong buying interest on Friday.
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Dollar Drifts Lower Against Major Currencies
The U.S. dollar shed ground against its major counterparts on Friday as the yield on long-term Treasury Notes dropped. Also, with investors choosing to pick up riskier assets such as equities, the dollar struggled for support almost right through the day's session.
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India GDP Growth Slowest In 7 Quarters On Weak Manufacturing
The Indian economy expanded at the slowest pace in seven quarters during the three months to September as the stronger performance of the services sector was offset by the sluggishness in manufacturing and mining industries, preliminary data from the statistics ministry showed on Friday.
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Swiss Market Ends Higher After Choppy Session
The Switzerland market closed on a positive note on Friday after a choppy session, as investors assessed the region's economic data and continued to closely follow the developments on the geopolitical front.
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European Markets Close On Firm Note
European stocks closed higher on Friday amid expectations of further rate cuts by central banks despite data showing an acceleration in eurozone inflation. Investors also digested French GDP data and Germany's retails sales and unemployment data.
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Canadian Market Continues To Climb Higher; TSX Up Modestly At Noon
The Canadian market has moved on to a new record high on Friday, lifted by gains in technology, industrials and materials sectors, as investors continue to remain optimistic about more interest rate reductions by the central bank.
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Eurozone Inflation Accelerates To 2.3%
Euro area inflation climbed for a second straight month in November, while the core figure was unchanged, making way for a cautious interest rate cut by the European Central Bank next month.
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Pound Weakens Despite BoE's Slower Rate Cut Prospects
The pound was lower against its major counterparts in the New York session on Friday, as the U.S. dollar rebounded after the Thanksgiving holiday.
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