CAC 40 Declines On US Rate Hike Worries
(RTTNews) - French stocks fell in cautious trade on Thursday ahead of policy announcements from a slew of central banks later in the day.
Meanwhile, French manufacturers' confidence improved in September after weakening in the previous month, underpinned by a positive development in short-term personal production expectations, monthly data from the statistical office INSEE revealed.
The manufacturing sentiment index rose to 99.0 in September from 97.0 in August.
The overall business confidence index, which comprises the responses of business leaders from sectors such as manufacturing, construction, services, retail trade, and wholesale trade, stayed stable for the fourth straight month at 100.0 in September.
The benchmark CAC 40 was down 68 points, or 0.9 percent, at 7,262 after rising 0.7 percent in the previous session.
The dollar hit a 6-1/2 month high and Eurozone bond yields reached multi-month highs after the U.S. Federal Reserve signaled policy would remain restrictive for longer to curb stubborn inflation.
In corporate news, retailer Casino Group tumbled 3.6 percent after presenting its updated 2024-2028 business plan.
Vaccine maker Valneva fell more than 2 percent after posting a half-year loss.
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