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CAC 40 Dips On US Debt Ceiling Worries
(RTTNews) - French stocks were slightly lower in cautious trade on Wednesday as investors awaited U.S. consumer price inflation data later in the day for additional clues on the Federal Reserve's rate hike path.
Also weighing on sentiment, a high stakes meeting between U.S. President Joe Biden and key lawmakers from both parties on Tuesday yielded no breakthrough on the impasse over the U.S. debt ceiling.
The benchmark CAC 40 was down 15 points, or 0.2 percent, at 7,381 after losing 0.6 percent in the previous session.
Lender Credit Agricole rallied nearly 5 percent after posting a record performance in the first quarter on higher trading revenue.
Train maker Alstom slumped 5.7 percent after delaying its mid-term targets.
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Data from Westpac-Melbourne Institute showed that consumer sentiment index rose to 98.5 in August from 93.1 in July. The improvement followed a further reduction in interest rates by the Reserve Bank of Australia. With the latest 25 basis points cut, interest rates dropped by 75 basis points since the start of the year.
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