CAC 40 Extends Slide On Rate Hike, Growth Worries
(RTTNews) - French stocks tumbled on Monday to extend losses from the previous session following Fed Chair Jerome Powell's hawkish remarks in Jackson Hole, Wyoming on Friday.
Powell declared that the "economy does not work for anyone" without price stability and the central bank would use its tools "forcefully" that could mean slower growth, a weaker job market and "some pain" for households and businesses.
Separately, European Central Bank (ECB) board member Isabel Schnabel warned over the weekend that forceful action is needed to bring stubbornly high inflation under control.
Governing council member Francois Villeroy and policymaker Martins Kazaks also signaled aggressive policy tightening in September.
The benchmark CAC 40 was down 87 points, or 1.4 percent, at 6,187 after closing 1.7 percent lower on Friday.
Drug maker Valneva advanced 1.5 percent after reporting positive late-stage trial results for its COVID-19 shot.
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