CAC 40 Slips On Rate Hike Worries
(RTTNews) - French stocks were moving lower on Thursday after the U.S. Federal Reserve and Swiss National Bank both hiked their key policy rates by 75 basis points, adding to worries of a global economic slowdown.
Investors looked forward to the Bank of England (BOE) Monetary policy summary and interest rate decision later in the day for further direction on the rate outlook.
In economic releases, the confidence among French manufacturers eased further as expected in September, though marginally, survey results from the statistical office Insee showed.
The manufacturing confidence index dropped to 102 in September from 103 in August. That was in line with economists' expectations.
The benchmark CAC 40 slipped 10 points, or 0.2 percent, to 6,022 after climbing 0.9 percent in the previous session.
Hospitality firm Accor slumped 7.6 percent after investment bank JP Morgan cut its rating on the stock from neutral to underweight, saying the group would not be able to return to its previous level of profitability.
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