CAC 40 Slips On Profit Taking
(RTTNews) - French stocks fell on profit taking Thursday after posting strong gains in the previous session.
Investors awaited more U.S. economic data and comments from Federal Reserve officials for additional clues on whether the Fed is behind the curve on inflation and interest rates.
After recent soft monthly payrolls data, weekly jobless claims numbers due later in the day may offer greater clarity on the extent of the U.S. economic downturn and the rate trajectory.
Closer home, the European Central Bank can continue lowering interest rates if there is increased confidence among policymakers that inflation is slowing, ECB Governing Council member and Bank of Finland governor Olli Rehn said Wednesday.
More rate cuts cannot hurt the fragile economic growth and the subdued investment, especially in industry, Rehn said in a speech in the Finnish city Mikkeli.
The benchmark CAC 40 dropped 67 points, or 0.9 percent, to 7,198 after surging 1.9 percent the previous day.
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