CAC 40 Drops for 2nd Straight Session
Paris’s CAC 40 index fell 0.4% to close at 7,795, marking its second consecutive decline. Investors are reassessing the likelihood of a Fed rate cut next month following strong US economic data, including an upgraded Q2 GDP of 3.8% and a drop in jobless claims. TotalEnergies SA shares slipped 0.2% as it plans to adjust buybacks based on energy prices. The decline was led by Stellantis (-2.6%), Sanofi (-2.5%), and Saint-Gobain (-2.4%).
Paris’s CAC 40 fell 0.4% to close at 7,795 on Thursday as investors reassessed the likelihood of another Fed rate cut next month after fresh US data pointed to continued economic and labour market resilience.
Revised figures showed Q2 GDP upgraded to 3.8% from 3.3%, initial jobless claims fell to their lowest since July, durable goods orders surprised to the upside and the goods trade gap narrowed more than expected, all of which trimmed expectations for the magnitude of Fed easing this year.
At the stock level TotalEnergies SA slipped 0.2% after saying it will adjust share buybacks according to energy prices and reaffirming a 2030 focus on hydrocarbons particularly LNG and electricity with an investor presentation set for September 29.
The broader decline was led by Stellantis down 2.6%, Sanofi down 2.5% and Saint-Gobain down 2.4%.
