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CAC 40 Declines On US-China Tensions
(RTTNews) - French stocks tumbled on Monday as robust U.S. jobs data released on Friday fanned fears of more interest rate hikes to cool inflation.
According to the Federal Reserve, a strong labor market would lead to excessive wage growth which, in turn, would lead to inflation pressures.
U.S-China tensions also remained on investors' radar after the Biden administration decided to postpone Secretary of State Antony Blinken's upcoming trip to China in response to the Pentagon's discovery of an alleged Chinese spy balloon, that was later shot down.
The benchmark CAC 40 was down 66 points, or 1 percent, at 7,168 after climbing 0.9 percent on Friday.
Eurazeo fell over 1 percent after the investment company named a new executive board that will be led by two chairmen.
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Euro Drops Against Majors
The euro weakened against its major counterparts in the New York session on Thursday.
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Swiss Market Shrugs Off Weak Start, Ends On Firm Note
After opening weak and remaining subdued till noon, Swiss stocks found some support and kept edging higher on Thursday, and finally ended the day's session on a firm note.
Data showing a strong pace of expansion of the Swiss economy in the first quarter of this year aided sentiment.
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Major European Markets Recover After Early Setback, Close On Firm Note
Despite an early struggle, the major European markets turned in fairly steady performance as the session progressed on Thursday to eventually close on a firm note. Easing concerns about tariffs and U.S. inflation, and some encouraging regional economic data helped underpin sentiment.
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U.S. Business Inventories Inch Up Slightly Less Than Expected In March
The Commerce Department released a report on Thursday showing a slight increase by U.S. business inventories in the month of March. The report said business inventories crept up by 0.1 percent in March after rising by 0.2 percent in February. Economists had expected business inventories to rise by another 0.2 percent.
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TSX Rises For 8th Straight Session, Looks Set To Scale New Peak
The Canadian market is up in positive territory, extending gains to an eighth straight session, as the undertone continues to remain firm amid easing concerns about tariffs, and the recent data showing a smaller than expected increase in U.S. consumer price inflation in the month of April.
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U.S. Homebuilder Confidence Unexpectedly Slumps In May
Reflecting growing uncertainties stemming from elevated interest rates, tariff concerns, building material cost uncertainty and the cloudy economic outlook, the National Association of Home Builders released a report on Thursday showing an unexpected slump by U.S. homebuilder confidence in the month of May.
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U.S. Industrial Production Unexpectedly Flat In April
With a rebound by utilities output offset by decreases by manufacturing and mining output, the Federal Reserve released a report on Thursday showing industrial production in the U.S. came in unchanged in the month of April. The Fed said industrial production was unchanged in April after falling by 0.3 percent in March. Economists had expected industrial production to rise by 0.2 percent.
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New York Manufacturing Index Edges Modestly Lower In May
A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May. The New York Fed said its general business conditions index edged down to a negative 9.2 in May from a negative 8.1 in April, with a negative reading indicating contraction. Economists had expected the index to dip to a negative 10.0.
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