EconomyLens.com
No Result
View All Result
Saturday, September 13, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Markets

Eurozone stocks hit after EU rebukes France

Andrew Murphy by Andrew Murphy
June 19, 2024
in Markets
Reading Time: 8 mins read
A A
2
38
SHARES
471
VIEWS
Share on FacebookShare on Twitter

The Paris stock excahange has taken a hit on the prospect that French public finances could be undermined if either the far right or far left take power following snap elections. ©AFP

Eurozone stock markets slid Wednesday after the European Commission reprimanded France for breaching the EU’s budget rules, a further blow for the country in the midst of political turmoil ahead of surprise elections.

Related

Stocks rally into weekend with US rate cut ‘seemingly locked in’

Stocks up before US inflation, ECB rate call

Stock markets strike records despite geopolitical unrest

Asian markets enjoy record day as new US jobs data fans rate cut hopes

Asian shares rise as Japan politics weigh on yen

London rose on a sharp slowdown in UK inflation, while telecoms giant Vodafone stock jumped 1.4 percent after the mobile phone giant offloaded most of its stake in Indian mobile tower operator Indus Towers for $1.8 billion.

Paris led the fallers after the European Union’s executive arm placed France back in the EU’s public spending sin bin for the first time since President Emmanuel Macron rose to power in 2017.

Investor sentiment has been rocked ever since Macron called a snap election last week in response to a far-right surge in EU elections.

Macron’s centrist bloc is currently trailing third in polls behind Marine Le Pen’s far-right National Rally (RN) party and a new left-wing alliance New Popular Front.

Investors fear that French public finances could worsen significantly as a result of either tax-cutting policies by the far right — or the repeal of pension reforms by the left.

“The French CAC once again finds itself at the bottom of the pile, with Goldman Sachs warning that a Le Pen victory would see the country’s debt burden swell to the highest level since 1950,” Scope Markets analyst Joshua Mahony in reference to Wednesday’s performance.

British consumer price inflation slowed in May to the central bank’s target of 2.0 percent, data showed Wednesday, but the Bank of England is seen as unlikely to cut rates at its meeting on Thursday, just weeks ahead of the July 4 general election.

“The drop in CPI is unlikely to improve Prime Minister Rishi Sunak’s rating before the upcoming UK election,” said City Index and FOREX.com analyst Fawad Razaqzada, noting that markets haven’t shown too much concern about the Conservatives likely being swept out of power.

Elsewhere, Asian stock markets finished mixed following yet another record showing in New York on Tuesday, which was fuelled by data that boosted US interest rate cut hopes.

The below-forecast May US retail sales figures pointed to signs of fatigue among American consumers — a crucial driver of growth — suggesting the world’s number one economy was slowing and giving the central bank room to ease monetary policy.

The reading helped to slightly offset a surprisingly large jump in US jobs creation that pointed to a still-resilient labour market despite a long-running campaign of rate hikes and stubbornly high inflation.

The S&P 500 and Nasdaq clocked up more records, driven again by a surge in demand for Big Tech, with chip giant Nvidia overtaking Microsoft to become the world’s most valuable publicly traded company.

Nvidia, a titan in the artificial intelligence sector, hit a market capitalisation of $3.349 trillion after cruising nearly 3,500 percent higher in the past five years.

And one analyst predicted it could even hit $5 trillion in the coming year, according to Bloomberg News.

Wall Street was closed for trading on Wednesday for a public holiday.

– Key figures around 1530 GMT –

Paris – CAC 40: DOWN 0.8 percent at 7,570.20 points (close)

Frankfurt – DAX: DOWN 0.4 percent at 18,067.91 (close)

EURO STOXX 50: DOWN 0.6 percent at 4,885.45 (close)

London – FTSE 100: UP 0.2 percent at 8,205.11 (close)

Tokyo – Nikkei 225: UP 0.2 percent at 38,570.76 (close)

Hong Kong – Hang Seng Index: UP 2.9 percent at 18,430.39 (close)

Shanghai – Composite: DOWN 0.4 percent at 3,018.05 (close)

New York – Dow: Closed for a public holiday

Euro/dollar: UP at $1.0745 from $1.0743 on Tuesday

Euro/pound: DOWN at 84.44 pence from 84.50 pence

Dollar/yen: UP at 157.90 yen from 157.85 yen

Pound/dollar: UP at $1.2726 from $1.2711

West Texas Intermediate: UP 0.2 percent at $81.72 per barrel

Brent North Sea Crude: UP 0.2 percent at $85.50 per barrel

© 2024 AFP

Tags: eu budget rulesFrancestock markets
Share15Tweet10Share3Pin3Send
Previous Post

UK inflation slowdown unlikely to shift vote, rate outcomes

Next Post

US billionaire eyes TikTok takeover to save internet from Big Tech

Andrew Murphy

Andrew Murphy

Related Posts

Markets

US jobs data boosts rate cut hopes but stocks slide

September 7, 2025
Markets

Stocks rise, dollar drops as US jobs data boosts rate cut hopes

September 5, 2025
Markets

Asian, European markets rally ahead of US jobs data

September 5, 2025
Markets

Asian, European markets rally ahead of US jobs data

September 5, 2025
Markets

Asia markets mixed as Chinese stocks lose steam

September 4, 2025
Markets

Asia markets tick up after Wall Street rebound

September 4, 2025
Next Post

US billionaire eyes TikTok takeover to save internet from Big Tech

Senate probe urges France stop importing Russian LNG

Booking.com sounds alarm on AI-enabled travel scams

As UK election looms, Bank of England set to sit tight on rate

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

77

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Fitch downgrades France’s credit rating in new debt blow

September 13, 2025

US moves to scrap emissions reporting by polluters

September 12, 2025

US to stop collecting emissions data from polluters

September 12, 2025

Boeing defense workers reject deal to end strike

September 12, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.