CAC 40 Climbs Ahead Of Fed, ECB Meetings

RTTNews | 800 일 전
CAC 40 Climbs Ahead Of Fed, ECB Meetings

(RTTNews) - French stocks advanced on Monday as investors looked for cues from key central bank meetings due later in the week.

Traders await the Federal Reserve's monetary policy meeting scheduled from 13th June to 14th, with the U.S. central bank expected to pause its recent interest rate increases.

The Fed's accompanying statement as well as U.S. CPI data will be key as investors look for clues about the outlook for rates.

Closer home, analysts expect the European Central Bank to hike rates by 25 bps on Thursday.

The benchmark CAC 40 was up 58 points, or 0.8 percent, at 7,271 after closing 0.1 percent lower on Friday.

Banks climbed, with BNP Paribas and Societe Generale rising around 2 percent each.

Satellite company SES plunged 11 percent after an announcement that its CEO Steve Collar will step down at the end of June 2023 to pursue other professional and personal endeavors.

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Pound Rises Against Majors

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The British pound strengthened against other major currencies in the European session on Wednesday.
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The Australian dollar weakened against other major currencies in the Asian session on Wednesday, as traders expect two or more rate cuts if inflation continues to decline as anticipated. Earlier this month, the Reserve Bank of Australia (RBA) lowered its cash rate to 3.60 percent from 3.85 percent, as widely expected.
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The Reserve Bank of New Zealand reduced its key interest rate by 25 basis points to a three-year low and hinted at further easing on Wednesday. The Monetary Policy Committee, governed by Christian Hawkesby, voted to lower the Official Cash Rate to 3 percent from 3.25 percent. The bank has reduced the rate by 250 basis points since August 2024.
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