CAC 40 Slides As Hopes Of Rate Cuts Fade
(RTTNews) - French stocks declined on Friday as a jump in bond yields following hawkish comments from Fed and ECB officials weighed on investors' appetite for risk.
A weak U.S. Treasury auction also sent yields higher and dented hopes for rate cuts anytime soon.
On Thursday, Fed Chair Jerome Powell reiterated that the U.S. central bank will move 'carefully' and that the Fed won't hesitate to raise interest rates again, if needed.
European Central Bank and Bank of England policymakers also pushed back against expectations around rate cuts.
The benchmark CAC 40 was down 39 points, or 0.6 percent, at 7,074 after rallying 1.1 percent the previous day.
SCOR SE, a tier 1 reinsurance company, plunged 8 percent after quarterly gross written premium declined to 4.87 billion euros from 5.14 billion euros last year.
German Factory Orders Log Unexpected Decline
World Bank Raises China's Growth Projections, Lowers India's Outlook
Bay Street Likely To Open On Flat Note
FTSE 100 Moves In Tight Range; Shell, Imperial Brands Score Strong Gains
Sensex, Nifty Extend Gains For Fourth Day
CAC Edges Up Marginally; Kering, Renault Gain On Rating Upgrade
German Market Down Marginally On Weak Economic Data, Rising Bond Yields
