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CAC 40 Slips Into Red In Lackluster Trade
(RTTNews) - French stocks fell on Monday as a stronger-than-anticipated U.S. jobs report released on Friday revived worries about the pace of U.S. rate hikes.
Meanwhile, latest PMI data released by S&P Global showed little change to the initial estimates that showed business activity across France's service sector fell in November, marking the first contraction since March 2021.
The composite PMI came in at 48.7 versus 48.8 preliminary. The final services PMI dropped to 49.3 versus the flash estimate of 49.4.
The benchmark CAC 40 was down 12 points, or 0.2 percent, at 6,730, recouping some early losses.
The euro hit a fresh six-month high against the dollar on concerns about a widening policy gap between the U.S. and Europe.
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U.S. Dollar Drops Against Majors
The U.S. dollar fell against its major counterparts in the New York session on Friday.
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The U.S. government has started to layoff federal employees, the Office of Management and Budget's chief Russell Vought said on the 10th day of the shutdown. In a post on the social media platform X, Vought said, "The RIFs have begun." RIF is an acronym for reduction in force.
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SMI Sheds Over 1% As Stocks Tumble In Final Hour
After moving along the flat line till the penultimate hour of the day's trading session on Friday, Switzerland's benchmark index SMI tumbled in the final hour, as trade tensions intensified after U.S. President Donald Trump threatened to impose massive tariffs on Chinese imports.
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European Stocks Tumble As Trump Threatens Massive Tariffs On Chinese Imports
European stocks fell sharply on Friday as trade tensions intensified after U.S. President Donald Trump threatened that he will raise tariffs on Chinese imports, following China's decision to expand export controls on rare earth metals.
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TSX Down 0.7%, Looks Headed For Another Weak Close
After opening slightly higher and advancing further, the Canadian market slipped into negative territory Friday morning, pushed down by losses in healthcare, energy and technology sectors.
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U.S. Consumer Sentiment Virtually Unchanged In October
A report released by the University of Michigan on Friday showed its reading on U.S. consumer sentiment was virtually unchanged in the month of October.
The University of Michigan said its consumer sentiment index edged down to 55.0 in October from 55.1 in September. Economists had expected the index to slip to 54.2.
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Calico Brands Recalls 175K Scripto Premium Torches Sold At Walmart, Home Depot
Ontario, California-based Calico Brands is recalling about 175 thousand units of Scripto Premium Torches citing risks of injury or death from fires and burns, according to the U.S. Consumer Product Safety Commission. The recall involves the Scripto Premium Torch with UPC number "0-70257-52226-6".
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Bay Street May Open Flat; Jobs Data In Focus
Futures point to a flat start for the Canadian market Friday morning, but the nation's employment data, due before the opening bell, could well set the trend for stocks. Firm gold and silver prices are likely to trigger some strong buying in the materials sector.
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