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CAC 40 Rebounds As Italy Eases Stance On Windfall Tax
(RTTNews) - French stocks traded sharply higher on Wednesday, with banks rebounding from the previous session's losses after the Italian government clarified that the new windfall tax on banks would not amount to more than 0.1 percent of their assets.
Investors also shrugged off weak inflation data from China as concerns about deflation risks and problems at Country Garden, once China's largest developer, increased calls for more stimulus.
The benchmark CAC 40 jumped 112 points, or 1.5 percent, to 7,381 after falling 0.7 percent the previous day.
The euro edged up against the dollar ahead of U.S. inflation readings this week that might influence the Fed's rate trajectory.
Banks BNP Paribas, Credit Agricole and Societe Generale were up 1-2 percent.
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Swiss Market Settles Marginally Higher
The Switzerland market ended marginally up on Tuesday after a choppy ride, with investors mostly making their moves, reacting to recent earnings updates.
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European Stocks Close Broadly Higher On Fed Rate Cut Hopes, Easing Trading Tensions
European stocks closed broadly higher on Tuesday amid easing trade tensions after the U.S. extended its pause on higher tariffs for Chinese goods until November 10, averting an immediate escalation in the trade war.
Expectations of a rate cut by the Federal Reserve in September contributed as well to the positive show by most of the markets in Europe.
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Canadian Market Modestly Higher
The Canadian market is up in positive territory around early afternoon on Tuesday, supported by gains in communications, healthcare, financials and technology sectors. Easing trade tensions, and expectations of an interest rate cut by the Federal Reserve next month appear to be aiding sentiment.
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UK Labor Market Cools In Q2
The U.K. labor market softened in the second quarter as wage growth eased, the unemployment rate held steady at a four-year high and job vacancies continued to decline sharply, official data revealed on Tuesday. The ILO jobless rate held steady at 4.7 percent in the second quarter, figures from the Office for National Statistics revealed and was in line with expectations.
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U.S. Consumer Prices Increase 0.2% In July, In Line With Estimates
Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to a report released by the Labor Department on Tuesday. The Labor Department said its consumer price index rose by 0.2 percent in July after climbing by 0.3 percent in June. The modest increase matched expectations.
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Cardinal Health Lifts FY26 Outlook, But Stock Down As Q4 Revenues Miss Street; To Buy Solaris Health
Shares of Cardinal Health, Inc. were losing around 6% in the pre-market activity after the company's fourth-quarter top line missed the market view, even as profit beat the Street. In addition, the health care service provider raised its fiscal 2026 outlook, also above market estimates. Separately, Cardinal Health announced that its multi-specialty management services organization or MSO platform
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U.S. Consumer Prices Increase In Line With Estimates In July
Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to a report released by the Labor Department on Tuesday.
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German ZEW Economic Confidence Deteriorates On Trade Deal
Economic sentiment in Germany deteriorated sharply in August due to the disappointing trade agreement reached with the United States, and also due to the declining economic output in the second quarter, results of the monthly survey conducted by the think tank ZEW showed on Tuesday. The ZEW Indicator of Economic Sentiment plummeted to a three-month low of 34.7 in August.
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