CAC 40 Drifts Lower On Interest Rate Concerns
(RTTNews) - French stocks traded lower on Wednesday as rising bond yields stoked concerns about interest rates staying higher for longer.
Meanwhile, France's consumer confidence held steady in May and still remained well below its long-term average, monthly survey data from the statistical office INSEE showed.
The consumer sentiment index stood at 90.0 in May, the same as in April. Meanwhile, economists had expected the score to rise to 91.
The benchmark CAC 40 was down 46 points, or 0.6 percent, at 8,011 after losing 0.9 percent the previous day.
The dollar edged higher on higher yields as investors tempered their expectations of U.S. rate cuts this year.
Investors await key European and U.S. inflation readings this week for cues to central bank policy.
The European Central Bank is likely to cut interest rates next week but there are less chances of further rate cuts this year.
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