Excitement over a potential dovish pivot by the European Central Bank dissipated, paving the way for anxiety regarding monetary policy decisions by the Federal Reserve, Bank of England and the Bank of Japan. Fears of the Fed keeping interest rates higher for longer dragged down the CAC – 40 benchmark in Monday’s trading.
The CAC-40 is currently trading at 7,308.67, shedding 0.95 percent from the previous close. The day’s trading has been between 7,298.53 and 7353.55.
Only 4 of the 40 scrips in the index are currently trading in positive territory. Unibail-Rodamco-Westfield gained 1.55 percent.
Shares of lender Societe Generale slipped 9.4 percent as investors appeared unimpressed with the strategy announced by the new CEO Slavomir Krupa.
Capgemini dropped 2.4 percent.
STMicroElectronics, Worldline, Kering, LVMH, Teleperformance, Edenred, BNB Paribas, Publicis Groupe and Air Liquide, all declined more than 1.5 percent.
The EUR/USD gained 0.17 percent to trade at 1.0673, whereas the Dollar Index shed 0.09 percent to trade at 105.22.
Bond yields hardened across regions and in tandem, yields on France’s ten-year bonds have spiked 0.53 percent to 3.235%.
Market Analysis
CAC-40 Falls As Markets Brace For Monetary Policy Reviews
2023-09-18 10:13:45
