CAC 40 Declines On Growth Concerns
(RTTNews) - French stocks fell sharply on Wednesday, with concerns about energy shortages and spiraling inflation keeping investors nervous.
French consumer confidence weakened more-than-expected in September and fell back to July's 9-year low after rebounding slightly in August, monthly survey results from the statistical office Insee showed earlier today.
The consumer confidence index fell to 79.0 in September from 82.0 in August. Economists had forecast the index to fall to 80.0.
The latest reading was the weakest since June 2013, when it was also 79.0.
The benchmark CAC 40 was down 76 points, or 1.3 percent, at 5,678 after closing 0.3 percent lower the previous day.
The dollar marched to a new 20-year high and government bond yields surged after several Fed officials reiterated their hawkish stance toward interest-rate hikes.
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