CAC 40 Tumbles On Interest-rate Worries
(RTTNews) - French stocks tumbled on Thursday on worries that higher interest rates in the U.S. and Europe would weigh on global growth.
Following its quarterly meeting, the Swiss National Bank (SNB) raised its benchmark interest rate by 25 basis points today.
The Bank of England is set to deliver another 25-bps rate hike later in the day.
Meanwhile, French manufacturers' confidence unexpectedly improved in June underpinned by the strength in the past and future production as well as the increase in order books, monthly data from the statistical office INSEE revealed earlier today.
The manufacturing sentiment index rose to 101 in June from a 26-month low of 99 in May. The reading was forecast to remain unchanged at 99.
The benchmark CAC 40 fell 85 points, or 1.2 percent, to 7,175 with selling seen across the board.
Banks BNP Paribas, Credit Agricole and Societe Generale were down 1-2 percent.
SES SA shares jumped 5.4 percent after the company confirmed that it has ceased merger talks with Intelsat to create a satellite giant.
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