CAC 40 Slides On Interest-rate Worries

French stocks lost ground on Wednesday as inflation and interest-rate worries returned to haunt investors.

Risk-off sentiment prevailed ahead of speeches by a couple of European Central Bank policy-makers and U.S. Federal Reserve Chair Jerome Powell later in the day.

The benchmark CAC 40 dropped 116 points, or 2 percent, to 5,848 after gaining 0.8 percent on Tuesday.

Capgemini fell 1.3 percent while Orange advanced 0.8 percent. The companies confirmed that Bleu, their future joint venture that will provide trusted cloud ("Cloud de Confiance"2) services to address the needs of specific French organizations, is expected to start supporting clients in preparing for their migration by the end of 2022.

Banking group Crédit Agricole SA declined 1.6 percent after unveiling a new strategic roadmap. The lender said it targets one million extra retail banking customers by 2025 and a net profit of more than 6 billion euros ($6.30 billion.

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