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CAC 40 Tumbles Ahead Of US Jobs Data
(RTTNews) - French stocks fell sharply on Friday as investors waited for U.S. labor market data due later in the day that could have significant implications on the Federal Reserve's rate outlook.
The benchmark CAC 40 was down 133 points, or 1.8 percent, at 7,183 after closing 0.1 percent lower in the previous session.
Banks BNP Paribas, Societe Generale and Credit Agricole tumbled 3.5 percent amid worries that the SVB contagion could spread to other financial institutions in the United States.
SVB Financial shares plunged 60 percent overnight after the tech-focused bank announced a plan to raise more than $2 billion in capital in an attempt to offset losses from bond sales.
Earlier in the week, crypto-focused U.S. bank Silvergate said it would wind down operations following a bank run prompted by regulatory concerns.
Food retailer Casino Group fell 4.7 percent after posting a narrower loss for its fiscal year 2022.
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