CAC 40 Little Changed As Recession Worries Mount
(RTTNews) - French stocks were little changed on Thursday amid concerns that the Federal Reserve's ongoing interest rate hikes are driving the U.S. economy straight into a recession.
Sentiment was also hit by signs of weakening Chinese economic growth and concerns that the COVID pandemic in China may worsen.
The benchmark CAC 40 was marginally lower at 6,664 after closing down 0.4 percent the previous day.
The euro rose for a second day, approaching a six-month high against the dollar as U.S. Treasury yields dropped on expectations that the Federal Reserve might slow down its pace of policy tightening to avoid an impending recession in the United States.
Shares of automaker Renault were down 1.6 percent. The company said its new mobility unit Mobilize and deputy CEO of the group Clotilde Delbos has resigned.
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