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.
Major European Markets Largely Subdued In Thin Trading
FTSE 100 Slips Nearly 0.5%; Mining Stocks Move Up
CAC 40 Down Nearly 0.5% In Cautious Trade
Asian Stocks Track Wall Street Higher
DAX Down Marginally Amid Lackluster Trade
Sensex, Nifty Close On Firm Note For 2nd Straight Day
UK Q3 GDP Growth Confirmed At 0.1%
