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French Shares Slide on Rising Bond Yields, Irish Consumer Morale Improves in February, Sensex Snaps 5-Day Losing Streak

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French Shares Slide on Rising Bond Yields
The CAC 40 traded slightly lower to pare early gains on Tuesday, in line with its European peers, amid ongoing concerns over inflation and rising bond yields. ECB President Christine Lagarde said on Monday the central bank is closely monitoring the market for government bonds. Meantime, annual inflation rate in the Euro Zone was confirmed at an 11-month high of 0.9%, on more expensive services and non-industrial goods. On the pandemic front, the number of patients in ICUs reached 3,407 on Monday, the highest since December 3rd, as health authorities hope to keep numbers under control without resourcing to a national lockdown. On the corporate side, newly created insurer Aéma Groupe purchased Aviva’s French operations for EUR 3.2 billion.
Irish Consumer Morale Improves in February
The KBC Bank consumer sentiment index in Ireland rose to 70.8 in February 2021, up from 64.9 in the previous month, due to stronger expectations for activity and employment in the coming year amid vaccine hopes, slowing virus numbers and positive economic data and forecasts. In addition, consumers were marginally less worried about outlook for household finances but downgraded assessment of their circumstances through past year.

Sensex Snaps 5-Day Losing Streak
The BSE Sensex index closed near the flat line at 49,751 on Tuesday, ending a five-day losing streak, amid hopes of a global economic recovery and rising commodity prices. ONGC, IndusInd Bank, L&T, and UltraTech Cement led the gains, while Kotak Mahindra Bank, Maruti Suzuki, HDFC Bank, and Bajaj Auto suffered the biggest declines. Elsewhere, investors remained concerned about rising US Treasury yields and inflation prospects, while awaited for US Federal Reserve chair Powell’s testimony to Congress later in the day.

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