Fading Rate Cut Hopes Drag Down CAC 40
(RTTNews) - Waning hopes of Fed rate cuts as well as worries about the economic outlook for Europe dampened sentiment, dragging down the CAC 40.
The CAC-40 is currently trading at 7,371.61, slipping 0.80 percent from the previous close of 7,431.04. The day's trading has been between 7,414.17 and 7,382.70.
Amidst the weak sentiment, only 5 scrips in the index, that tracks the 40 largest French stocks based on the Euronext Paris, are trading above the flatline. Orange topped gains with a surge of 1.5 percent. Engie followed with gains of 1.3 percent.
STMicroelectronics topped losses with a decline of 3.7 percent. Unibail-Rodamco-Westfield, Stellantis and Publicis Groupe have all slipped more than 2 percent.
With the dollar index rallying 0.39 percent and rising to 110.08, the EUR/USD pair has slipped 0.43 percent to 1.0194 percent. The pair ranged between 1.0250 and 1.0178. The EUR/GBP pair has added 0.23 percent to trade at 0.8407. The yen's strength however dragged down the EUR/JPY pair 0.75 percent to 160.33.
In alignment with the global trend of hardening, yields on France's ten-year bonds spiked 1.3 percent to 3.467 percent from the level of 3.423 percent at the previous close. Yields ranged between 3.488 percent and 3.419 percent.
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