CAC 40 Declines Amid Uncertainty Over Fed's Rate Hikes
(RTTNews) - French stocks declined on Friday as investors fretted about a worsening energy crisis in Europe, soaring inflation and its impact on economic growth.
Inflation and recession returned to the fore after German producer prices in July saw their highest ever increases both year-on-year and month-on-month.
German bond yields hit multi-week highs amid an uncertain outlook for the economy.
The yield on the benchmark 10-year U.S. government bond shot back closer to the 3.0 percent threshold in the wake of mixed signals from the Federal Reserve officials on the pace of future interest-rate hikes.
The benchmark CAC 40 was down 46 points, or 0.7 percent, at 6,511 after closing half a percent higher on Thursday.
Catering and food services group Sodexo fell over 2 percent after Jefferies cut its rating on the stock.
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