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CAC 40 Drifts Lower After Italian Windfall Tax On Banks
(RTTNews) - French stocks were moving lower on Tuesday after data showed China's exports and imports both fell more than expected in July, threatening recovery prospects and adding to pressure on policymakers to unveil additional stimulus.
Investors also awaited key inflation readings from the world's largest economies due this week for more clues on the growth and rate outlook.
The benchmark CAC 40 was down 26 points, or 0.4 percent, at 7,293 after ending flat with a positive bias in the previous session.
Banks BNP Paribas, Credit Agricole and Societe Generale fell 2-3 percent after Italy approved 40 percent windfall tax on banks' extra profits, to be applied in 2023.
Automaker Renault fell more than 1 percent on China growth concerns.
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U.S. Job Openings Unexpectedly Increase In April
Job openings in the U.S. unexpectedly increased in the month of April, according to a report released by the Labor Department on Tuesday. The Labor Department said job openings climbed to 7.391 million in April from an upwardly revised 7.200 million in March.
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U.S. Factory Orders Pull Back Sharply In April
A report released by the Commerce Department on Tuesday showed a substantial pullback by new orders for U.S. manufactured goods in the month of April. The Commerce Department said factory orders plunged by 3.7 percent in April after surging by a downwardly revised 3.4 percent in March.
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Eurozone Inflation Falls Below 2% Target To Boost ECB Rate Cut Hopes
Euro area inflation fell below the 2 percent target in May largely due to the slowdown in services inflation and reinforced expectations for another interest rate reduction from the European Central Bank later this week. Inflation softened more-than-expected to 1.9 percent in May from 2.2 percent in April, figures from Eurostat revealed on Tuesday. The rate was expected to slow to 2.0 percent.
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Swiss Franc Falls Against Majors
The Swiss franc weakened against other major currencies in the New York session on Tuesday.
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Dollar Index Rebounds Amidst Legal Whiplash For Trade Tariffs
The Dollar Index rebounded during the week ended May 30 amidst conflicting court rulings that debated the powers available to President Trump to enforce the reciprocal tariffs on trade partners.
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FTSE 100 Up Marginally In Cautious Trade
After edging up a bit in early trades, the U.K. stock market drifted lower Tuesday morning, but edged up on selective buying and was up marginally nearly half an hour past noon.
A downward revision in UK's growth forecast by OECD, and uncertainty surrounding the U.S. Government's tariff moves weigh on sentiment. The OECD has also downgraded its global growth forecast.
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Euro Area Jobless Rate Eases To 6.2% As Expected
Eurozone unemployment rate fell for the first time in four months in April, in line with expectations, preliminary data from the statistical office Eurostat showed on Tuesday.
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CAC 40 Down Marginally In Lackluster Trade
French stocks are down on Tuesday, extending recent losses, as a downgrade revision in global growth forecast by the Organization for Economic Co-operation and Development (OECD), and continued uncertainty about Trump administration's tariff moves weigh on sentiment.
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