The star CAC 40 index lost 50.57 points to 6,741.59 points.

After opening in the red, the Parisian rating fell by around 1% throughout the session.

"It's a session of consolidation", judge Harry Wolhandler, director of equity management at Meeschaert Amilton AM.

“The sectors that had progressed the most yesterday are those that have fallen the most today,” he notes.

Tuesday's movement, "probably a little excessive", is lightened because "it will probably take some time before we can reach a peace signing", continues the manager.

Talks between Russians and Ukrainians in Istanbul on Tuesday did not yield anything "very promising" or "breakthrough", the Kremlin said on Wednesday.

These remarks contrast with the "substantial discussions" which the head of the Russian delegation had mentioned the day before.

The consequences of the war on Western economies are also worrying the markets.

European Central Bank President Christine Lagarde warned on Wednesday that a protracted conflict in Ukraine would continue to drive up energy prices and the cost of living in Europe.

Inflation in Germany jumped 7.3% in March, fueled by the war in Ukraine, a record since the country's reunification in 1990. In Spain, inflation approached 10% in March, according to provisional figures published Wednesday by the statistical institute Destatis.

This had consequences on the bond market: the rate of the French 10-year loan rose to 1.1344%, before closing at 1.070%, the highest since March 2017.

The acceleration of inflation, far from the decline hoped for at the start of the year, poses an even greater challenge to central banks.

This is also the case in the United States, where the American Federal Reserve has embarked on a tightening of its monetary policies with increases in key rates.

Winners and losers reversed

The companies that benefited the most from the jump the day before found themselves at the back of the pack this time.

This is the case for the automobile with the manufacturers Renault (-3.85% to 24.74 euros) after a jump of more than 11% on Tuesday, and to a lesser extent Stellantis (-1.56% to 15, 16 euros).

The equipment manufacturers Faurecia (-8.47% to 24.33 euros) and Valéo (-6.36% to 16.79 euros), followed.

The banking sector was also affected: Societe Generale lost 2.48% to 25.37 euros, BNP Paribas 2.32% to 53.08 euros and Crédit Agricole 1.76% to 11.14 euros.

Conversely, Thalès recovered a little from its fall of 5% on Tuesday, taking up 1.96% to 114.25 euros.

Oil-related values ​​were also in sight, in particular TotalEnergies (+2.52% to 46.97 euros), or Vallourec (+3.48% to 11.59 euros).

© 2022 AFP