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CAC 40 Subdued On Rate Hike Jitters
(RTTNews) - French stocks were little changed in cautious trade on Wednesday, a day after Federal Reserve Chair Jerome Powell flagged sharper rate hikes to rein in stubbornly high inflation depending on incoming data.
It is now believed that the Fed would revert to a 50-basis point rate hike at the March 21-22 policy meeting instead of 25 bps expected earlier.
The dollar climbed to three-month highs and the U.S. yield curve inverted further, denting demand for riskier assets.
The benchmark CAC 40 was marginally lower at 7,332 after declining half a percent the previous day.
Aerospace and defense company Thales Group tumbled 3 percent despite posting higher earnings and sales for 2022.
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U.S. Dollar Higher After Strong Jobs Data
The U.S. dollar firmed against its major counterparts in the New York session on Friday, following the release of better-than-expected nonfarm payrolls report for May.
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Swiss Market Ends Modestly Higher
After a flat start and a subsequent modest upmove, the Switzerland market turned subdued and fell into negative territory by noon on Friday, but recovered gradually to finally end the day's session on a positive note.
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European Markets Close Higher
The major European markets closed slightly higher on Friday, supported by data showing stronger-than-expected jobs growth in the U.S., and an upward revision in eurozone first-quarter GDP.
Weak industrial production data from Germany and France, and persisting concerns about U.S. tariffs limited markets' upside.
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CPSC Recalls: 3.8 Mln Dumbbells, 1.7 Mln Air Conditioners, Golf Cars, CO Detectors, Casters, E-Bikes
The U.S. Consumer Product safety Commission or CPSC has announced various recalls including around 3.8 million units of dumbbells by Johnson Health Tech Trading, 1.7 million air conditioners by Midea America Corp., around 352 thousand units of Yamaha golf cars including previously recalled ones, and around 50 thousand units of Apollo America's Combination Smoke and Carbon Monoxide or CO Detectors.
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TSX Pares Some Gains After Hitting Fresh Record High
Canadian stocks are up in positive territory in late morning trade on Friday, amid slightly easing concerns about tariffs following somewhat encouraging phone calls between the U.S. President Donald Trump and Chinese Premier Xi.
Investors are also digesting the nation's jobs data, as well the non-farm payrolls data from the U.S.
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U.S. Job Growth Slightly Exceeds Estimates In May
Employment in the U.S. increased by slightly more than expected in the month of May, according to a report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment shot up by 139,000 jobs in May after jumping by a downwardly revised 147,000 jobs in April.
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U.S. Employment Jumps Slightly More Than Expected In May
Employment in the U.S. increased by slightly more than expected in the month of May, according to a report released by the Labor Department on Friday.
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Bay Street May Open Slightly Higher; U.S., Canadian Jobs Data In Focus
Higher Canadian and U.S. futures point to a slightly positive start on Bay Street Friday morning. The focus is on the crucial jobs data from Canada as well as the U.S.
Lingering concerns about trade tensions may weigh on sentiment and limit market's upside.
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