CAC 40 Stuck In Narrow Range

(RTTNews) - French stocks were moving in a narrow range on Wednesday as investors fretted about a possible delay in the trade deal between the United States and China.

Markets also braced for what seems almost assuredly to be a third rate cut in as many meetings of the Federal Reserve later today.

The Federal Open Market Committee announcement is scheduled for 2:00 p.m. ET, followed by a press conference with Powell at 2:30 p.m. ET.

The benchmark CAC 40 was down 4 points at 5,736 after closing up 0.2 percent in the previous session.

Airbus dropped 1.4 percent. The aerospace company cut its 2019 delivery target to roughly 860 aircraft from a previous forecast of 880 to 890 jets for the year.

Peugeot shares surged 6 percent on news that its owner PSA Group is exploring a merger with its U.S.-Italian rival Fiat Chrysler.

In economic releases, France's economy expanded at a steady pace in the third quarter, the first estimate from the statistical office Insee showed today.

Gross domestic product climbed 0.3 percent sequentially, the same pace of growth as seen in the second quarter. Economists had forecast GDP to grow 0.2 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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