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CAC 40 Slides On Recession Worries
(RTTNews) - French stocks fell notably on Tuesday as concerns grew that aggressive monetary tightening and geopolitical risks could tip the global economy into a recession.
The dollar edged higher on safe-haven demand, as Russia intensified its attacks against Ukraine and Federal Reserve Vice Chair Lael Brainard said the central bank has no intentions of a dovish pivot in the near-term, and the actual policy path will be data dependent
Elsewhere, China vowed to stick to its zero-COVID policy as infections ticked up ahead of 20th Party Congress.
The benchmark CAC 40 was down 52 points, or 0.9 percent, at 5,788 after losing half a percent in the previous session.
Sanofi shares rose about 1 percent. Regeneron Pharmaceuticals Inc. and the French drug maker have presented late-breaking positive results from a Phase 3 trial evaluating the investigational use of Dupixent (dupilumab) in children aged 1 to 11 years with active eosinophilic esophagitis.
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