CAC 40 Rallies As Yields Retreat
(RTTNews) - French stocks rose sharply on Tuesday, tracking a sharp rebound on Wall Street overnight and strong gains elsewhere across Asia.
Investors cheered a retreat in bond yields as weak U.S. manufacturing data released overnight raised hopes that the Federal Reserve won't have to be so aggressive about raising interest rates.
Earlier today, Australia's central bank raised interest rates by a smaller-than-expected 25 basis points, saying it wants to strike a balance between tightening policy and ensuring that economic growth remains steady.
The benchmark CAC 40 rose 168 points, or 2.90 percent, to 5,962 after closing 0.6 percent higher the previous day.
Tech and travel stocks topped the gainers list as investors hunted for bargains. Metropole Television shares slumped 8.6 percent after Bertelsmann's RTL Group dropped its plan to sell a controlling stake in the French TV company.
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