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CAC 40 Slides As Hopes Of Rate Cuts Fade
(RTTNews) - French stocks declined on Friday as a jump in bond yields following hawkish comments from Fed and ECB officials weighed on investors' appetite for risk.
A weak U.S. Treasury auction also sent yields higher and dented hopes for rate cuts anytime soon.
On Thursday, Fed Chair Jerome Powell reiterated that the U.S. central bank will move 'carefully' and that the Fed won't hesitate to raise interest rates again, if needed.
European Central Bank and Bank of England policymakers also pushed back against expectations around rate cuts.
The benchmark CAC 40 was down 39 points, or 0.6 percent, at 7,074 after rallying 1.1 percent the previous day.
SCOR SE, a tier 1 reinsurance company, plunged 8 percent after quarterly gross written premium declined to 4.87 billion euros from 5.14 billion euros last year.
TSX Settles Lower As Trade Tensions Resurface
Crude Oil Prices Slip On Friday
Pound Drops As Trade Tensions Renew
Weighed Down By Tariff Uncertainty, Gold Slides
Swiss Market Ends Modestly Higher
Major European Markets Close Slightly Higher
Canadian Market Modestly Lower, Looks Headed For Another Weak Close
