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CAC-40 Overwhelmed By Recession Fears
(RTTNews) - The CAC-40 plunged more than 1 percent as markets weighed the likelihood of the prolonged interest rate hikes taking a toll on the economy's health. Recession fears dominated sentiment amidst central banks worldwide reiterating their commitment to fighting inflation, even at the cost of sacrificing growth.
The PMI readings for December which showed Services sector falling to 48.1 from 49.3, and Manufacturing sector increasing to 48.9 from 48.3 also swayed sentiment.
The CAC-40 is currently trading at 6,435.40, down 1.34 percent from the previous close. The day's trading has been between 6,418.95 and 6,515.70.
BNB Paribas and Credit Agricole are the only two scrips that have advanced from Thursday's levels.
Eurofins Scientific, Unibail Rodamco Westfield and Teleperformance declined more than 3 percent. 11 scrips are currently trading with losses of more than 2 percent.
The EUR/USD pair is at 1.0635, edging up from the previous close of 1.0626. The Dollar dithered, dragging the Dollar Index by 0.03 percent to 104.53.
The ten-year bond yield has increased 5.3 percent to 2.726% versus the previous close of 2.589%.
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