CAC 40 Rallies On China Stimulus Cheer
(RTTNews) - French stocks were sharply higher on Tuesday after China's central bank unveiled its biggest stimulus since the pandemic to support the economy and counter a prolonged downturn in the property sector.
The central bank said it will lower borrowing costs and inject more liquidity into the system that would free up more money for lending.
Regulators also unveiled plans to support stable development of the stock market. The benchmark CAC 40 was up 118 points, or 1.6 percent, at 7,625 after closing up 0.1 percent the previous day.
China-linked luxury companies surged, with LVMH, Kering and Hermes International rallying 4-5 percent.
TotalEnergies advanced 1.5 percent. The integrated energy company said it has signed a Heads of Agreement (HoA) with South Korea's HD Hyundai Chemical to supply 200,000 tons of LNG per year for 7 years starting from 2027.
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