Fading Rate Cut Hopes Drag Down CAC 40
(RTTNews) - Waning hopes of Fed rate cuts as well as worries about the economic outlook for Europe dampened sentiment, dragging down the CAC 40.
The CAC-40 is currently trading at 7,371.61, slipping 0.80 percent from the previous close of 7,431.04. The day's trading has been between 7,414.17 and 7,382.70.
Amidst the weak sentiment, only 5 scrips in the index, that tracks the 40 largest French stocks based on the Euronext Paris, are trading above the flatline. Orange topped gains with a surge of 1.5 percent. Engie followed with gains of 1.3 percent.
STMicroelectronics topped losses with a decline of 3.7 percent. Unibail-Rodamco-Westfield, Stellantis and Publicis Groupe have all slipped more than 2 percent.
With the dollar index rallying 0.39 percent and rising to 110.08, the EUR/USD pair has slipped 0.43 percent to 1.0194 percent. The pair ranged between 1.0250 and 1.0178. The EUR/GBP pair has added 0.23 percent to trade at 0.8407. The yen's strength however dragged down the EUR/JPY pair 0.75 percent to 160.33.
In alignment with the global trend of hardening, yields on France's ten-year bonds spiked 1.3 percent to 3.467 percent from the level of 3.423 percent at the previous close. Yields ranged between 3.488 percent and 3.419 percent.
Swiss Franc Rises Against Majors
Commodity Currencies Rise Amid Risk Appetite
U.S. Dollar Falls Against Majors
Canadian Dollar Climbs Against Most Majors
European Markets Expected To Rebound
NZ Dollar Advances Against Majors
Australian Dollar Rises Against Majors
