The CAC 40 retreats before the French vote

(RTTNews) – French stocks fell sharply on Wednesday as a new poll showed far-right candidate Marine Le Pen closing the gap on incumbent President Emmanuel Macron ahead of the country’s presidential election. Sunday’s first round will qualify the top two candidates for the second round.

Belligerent comments from Fed Governor Lael Brainard and uncertainty surrounding the likely imposition of new Western sanctions against Russia also made investors nervous.

Brainard, who is awaiting Senate confirmation to serve as Fed vice chair, has signaled an aggressive approach to reducing the Fed’s balance sheet.

The United States and its European allies are proposing new sanctions against Russia following the discovery of dead civilians on the outskirts of kyiv.

The benchmark CAC 40 index lost 90 points, or 1.4%, to 6,554 after falling 1.3% in the previous session.

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