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Paris’s CAC 40 edged down 0.2% to 7,880 on Tuesday, pausing after a six-session winning streak that pushed the index to its highest level since August 22. Investor focus shifted to the US Federal Reserve’s two-day policy meeting beginning today, with markets broadly expecting a 25-basis-point rate cut—the first in nine months. Among individual movers, BNP Paribas slipped 0.2% despite reaffirming a bullish outlook, projecting net income above €12.2 billion by 2025 and targeting a 12% ROTE by 2026, supported by strong momentum and solid Q2 results. Kering gained 1.7%, Capgemini rose 0.8%, and Thales advanced 0.7%. On the downside, L’Oréal fell 2.3% after Jefferies downgraded the French cosmetics giant’s rating from “Hold” to “Underperform.” Bureau Veritas lost 1.9%, and Teleperformance eased 0.3%.

CAC 40 Edges Lower Amid Fed Meeting Watch

The British pound rose past $1.363, the highest since early July, as markets awaited a busy week of central bank decisions and UK data. The Bank of England is expected to hold rates at 4% on Thursday while slowing its £100 billion annual bond unwind. UK inflation for August, due Wednesday, is forecast at 3.8% y/y, matching July’s 18-month high, with retail sales to follow later. Latest jobs data showed wage growth excluding bonuses at 4.8% and 4.7% including bonuses, unemployment steady at 4.7%, and payrolls down 8,000, all in line with expectations. The figures indicate a gradually slowing labor market, leaving BoE rate-cut bets largely unchanged, with markets seeing only a one-in-three chance of a cut by December. Meanwhile, the US Federal Reserve is widely expected to deliver a 25 bp rate cut on Wednesday, with traders pricing in at least two more reductions by the end of 2025.

Sterling Rises to 10-Week High

The DAX in Frankfurt fell 0.3% to trade below the 23,700 mark on Tuesday, as traders awaited the outcome of the Fed's two-day policy meeting starting today. The US Federal Reserve is widely expected to deliver its first rate cut of 2025, likely by at least 25 basis points. Market attention also centered on US-China trade talks in Spain, with TikTok divestiture discussions taking center stage, while on the data front, the ZEW Economic Sentiment Index for Germany will be released.

DAX on Lower Note

The UK’s 10-year gilt yield held at 4.64% after the latest jobs report, as investors remained cautious ahead of a busy week of central bank decisions and key UK data. The Bank of England is expected to keep rates at 4% on Thursday while slowing its £100 billion annual bond unwind. Wage growth came in at 4.8% excluding bonuses and 4.7% including bonuses, both in line with expectations, while unemployment remained at 4.7% and payrolls fell by 8,000, less than expected. The data points to a gradually slowing labor market rather than a collapse, leaving BoE rate cut bets little changed. Attention will also focus on August CPI, forecast at 3.8% y/y, nearly double the BoE’s 2% target, and upcoming retail sales. Meanwhile, the Federal Reserve is widely expected to cut rates by 25 bps on Wednesday, with markets pricing in at least two further cuts by the end of 2025.

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