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CAC 40 Edges Higher As Investors Await FOMC Minutes
(RTTNews) - French stocks edged higher on Monday amid expectations that falling inflation across industrialized countries will prompt global central banks to start cutting interest rates next year.
Investors await comments from a number of central bankers later today, including Bank of France Governor de Galhau, Bank of Spain Governor de Cos and Bank of England Governor Bailey.
Minutes from the Federal Reserve's last meeting earlier this month are due to be released Tuesday and could shed further light on the central bank's considerations.
The minutes could influence a potential rebound or continuation of the rally in U.S. bond yields.
The benchmark CAC 40 was up 13 points, or 0.2 percent, at 7,247 after gaining 0.9 percent on Friday.
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U.S. Leading Economic Index Edges Down In Line With Estimates In July
A reading on leading U.S. economic indicators edged slightly lower in the month of July, according to a report released by the Conference Board on Thursday. The Conference Board said leading economic index slipped by 0.1 percent in July after falling by 0.3 percent in June. The modest decrease matched economist estimates.
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U.S. Existing Home Sales Unexpectedly Rebound In July
The National Association of Realtors released a report on Thursday showing an unexpected rebound by existing home sales in the U.S. in the month of July. The report said existing home sales jumped by 2.0 percent to an annual rate of 4.01 million in July after tumbling by 2.7 percent to an annual rate of 3.93 million in June.
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Manufacturing activity in the Philadelphia area has weakened in the month of August, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday. The Philly Fed said its diffusion index for current general activity tumbled to a negative 0.3 in August from a positive 15.9 in July, with a negative reading indicating contraction.
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First-time claims for U.S. unemployment benefits rose by much more than expected in the week ended August 16th, according to a repot released by the Labor Department on Thursday. The report said initial jobless claims climbed to 235,000, an increase of 11,000 from the previous week's unrevised level of 224,000. Economists had expected jobless claims to inch up to 225,000.
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The European currency abd British pound strengthened against other major currencies in the European session on Thursday, after the release of Purchasing Managers' index data from both economies.
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Canadian shares may open slightly down on Thursday with investors focusing on the upcoming speeches by central bank chiefs, including Fed Chair Jerome Powell, at the Jackson Hole Symposium.
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Philly Fed Index Slumps Much More Than Expected In August
Manufacturing activity in the Philadelphia area has weakened in the month of August, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.
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