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CAC 40 Subdued On Rate Hike Jitters
(RTTNews) - French stocks were little changed in cautious trade on Wednesday, a day after Federal Reserve Chair Jerome Powell flagged sharper rate hikes to rein in stubbornly high inflation depending on incoming data.
It is now believed that the Fed would revert to a 50-basis point rate hike at the March 21-22 policy meeting instead of 25 bps expected earlier.
The dollar climbed to three-month highs and the U.S. yield curve inverted further, denting demand for riskier assets.
The benchmark CAC 40 was marginally lower at 7,332 after declining half a percent the previous day.
Aerospace and defense company Thales Group tumbled 3 percent despite posting higher earnings and sales for 2022.
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U.S. Manufacturing Index Unexpectedly Edges Lower In October
Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of October, according to a report released by the Institute for Supply Management on Monday. The ISM said its manufacturing PMI slipped to 48.7 in October after edging up to 49.1 in September, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 49.5.
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FTSE 100 Up Marginally In Cautious Trade
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CAC Modestly Higher; Renault Up After Announcing Stake Sale In Brazil Venture
French stocks are modestly higher on Monday with investors continuing to digest the latest quarterly earnings, and reacting to the data showing an improvement in the nation's manufacturing activity in the month of October.
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