French stocks edged lower on Wednesday, as investors looked ahead to the European Central Bank (ECB) meeting due on Thursday, and the U.S. Federal Reserve meeting next week for additional clues about interest-rate hikes.
The ECB is set to draw a line under its massive bond-buying stimulus program on Thursday and signal its first-rate hike in over a decade.
Amid increasing signs of inflation, markets are now pricing in 75 basis points of increases by September.
The U.S. Federal Reserve is expected to raise its benchmark funds rate by 50 basis points next week and again in July.
The benchmark CAC 40 slid 13 points, or 0.2 percent, to 6,487 after closing 0.7 percent lower in the previous session.
Spirits group Pernod Ricard lost 1.5 percent after saying it was banking on digital push to boost growth.
Schneider Electric dropped 1 percent. The leader in the digital transformation of energy management and automation has inked a deal to sell its Eurotherm business unit to Watlow Electric Manufacturing Company,
Banks were broadly lower after Swiss lender Credit Suisse warned of a likely group-wide second-quarter loss, citing “challenging” market conditions.
CAC 40 Slips Ahead Of ECB Meeting
2022-06-08 09:09:58
