CAC 40 Slides As Hopes Of Rate Cuts Fade
(RTTNews) - French stocks declined on Friday as a jump in bond yields following hawkish comments from Fed and ECB officials weighed on investors' appetite for risk.
A weak U.S. Treasury auction also sent yields higher and dented hopes for rate cuts anytime soon.
On Thursday, Fed Chair Jerome Powell reiterated that the U.S. central bank will move 'carefully' and that the Fed won't hesitate to raise interest rates again, if needed.
European Central Bank and Bank of England policymakers also pushed back against expectations around rate cuts.
The benchmark CAC 40 was down 39 points, or 0.6 percent, at 7,074 after rallying 1.1 percent the previous day.
SCOR SE, a tier 1 reinsurance company, plunged 8 percent after quarterly gross written premium declined to 4.87 billion euros from 5.14 billion euros last year.
South Korea Shares May Be Stuck In Neutral On Monday
Singapore Export Data On Tap For Monday
Euro Higher Against Majors
TSX Down Marginally In Lackluster Trade
Swiss Market Ends On Firm Note
European Stocks Close Mixed After Cautious Session
U.S. Business Inventories Rise In Line With Estimates In June
