CAC 40 Slides With US Earnings In Focus
2024-10-13
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(fxcue news) - French stocks were notably lower on Tuesday, with investor focus firmly on a batch of U.S. earnings due later in the day and Thursday's ECB meeting.
Bank of America, Citigroup, Goldman Sachs, Johnson & Johnson, UnitedHealth and Walgreens are among the prominent companies due to report their earnings results later in the day.
Meanwhile, France's consumer price inflation slowed slightly more than initially estimated in September to the lowest level in three-and-a-half years amid cheaper energy costs, the latest data from the statistical office INSEE showed today.
The consumer price index climbed 1.1 percent year-over-year in September, slower than the 1.8 percent rise in the previous month. In the flash report, the rate of inflation was 1.2 percent.
Further, this was the weakest inflation rate since March 2021, when prices had risen the same 1.1 percent.
EU-harmonized inflation also softened to 1.4 percent from 2.2 percent in the prior month.
The benchmark CAC 40 was down 64 points, or 0.8 percent, at 7,538 after edging up 0.3 percent the previous day.
TotalEnergies SE shares slumped 4.2 percent. The oil major warned that its third-quarter downstream results are expected to decline sharply due to lower refining margins in Europe and elsewhere.
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