French stocks were sharply lower on Thursday amid concerns over rising Treasury yields and lingering Middle East tensions.
Bond yield surged in Europe, with Germany’s 10-year government bond yield, the benchmark for the euro area, rising 3 basis points (bps) to 2.95 percent ahead of Fed Chair Jerome Powell’s speech later in the day.
The benchmark CAC 40 was down 65 points, or 0.9 percent, at 6,900 after declining 0.9 percent on Wednesday.
Carmaker Renault plunged almost 8 percent after currency depreciations in Turkey and Argentina weighed heavily on the pace of sales growth in the third quarter.
Channel tunnel operator Getlink gained about 1 percent after posting a marginal rise in Q3 revenue.
Pernod Ricard soared 5 percent after the spirts maker forecast higher sales in fiscal year 2023-24.
CAC 40 Slides As Investors Await Powell’s Speech
2023-10-19 09:02:21
