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CAC 40 slips on rate hike worries

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French shares fell on Thursday after the US Federal Reserve and the Swiss National Bank raised their key rates by 75 basis points, raising concerns about a global economic slowdown.

Investors looked forward to the Bank of England’s (BOE) monetary policy summary and interest rate decision later in the day for further guidance on rates.

In economic releases, confidence among French manufacturers fell further, as expected, in September, albeit slightly, the results of a survey by the statistics bureau Insee showed.

The manufacturing confidence index fell to 102 in September from 103 in August. This was in line with the expectations of economists.

The benchmark CAC 40 fell 10 points, or 0.2 percent, to 6,022 after rising 0.9 percent in the previous session.

Accor fell 7.6 percent after investment bank JP Morgan downgraded the stock from neutral to underperform, saying the group would not be able to return to previous levels of profitability.

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