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CAC-40 Falls As Inflation Fears Resume
(RTTNews) - CAC-40 is trading close to a percent lower on Wednesday amidst the broader risk- aversion in the region as Europe grapples with record-high inflation.
Annual inflation rate in the Euro Area increased to a new record high of 9.1 percent in August, versus 8.9 percent in July, and market expectations of 9 percent.
Data released earlier in the day showed annual inflation in France rising 5.8 percent in August versus 6.1 percent in July, which the markets were expecting.
Final readings of second quarter GDP showed that France's economy grew 0.5 percent versus a contraction of 0.2 percent in the previous quarter.
The CAC-40 is currently trading at 6,160.68, down 0.80 percent from Tuesday's close. The day's trading has been between 6,133.79 and 6,230.90.
Auto Manufacturer Renault is the top gainer with a 1 percent uptick.
Stmicroelectrconics follows closely with a gain of 0.85 percent.
Total Energies has declined more than 3 percent.
Alstom, Thales and Airbus have all declined more than 2 percent.
The EUR/USD pair is at 0.9982 shedding 0.30 percent overnight amidst the US Dollar Index strengthening 0.32 percent to 109.12.
The ten-year bond yield has increased 2.54 percent to 2.18 percent versus 2.13 percent on Tuesday.
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