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CAC 40 Sees Cautious Gains
(RTTNews) - French stocks were moving higher on Monday amid expectations that moderating inflation will help the Federal Reserve pull off a soft landing for the economy.
Sentiment was also underpinned after China's central bank cut both one-year and seven-day lending rates by 10 basis points in a surprise move to revive demand.
The upside remained capped after data showed China's economy was struggling with COVID-19 restrictions.
China's industrial production and retail sales growth for July came in well below estimates, youth unemployment hit a record high in July, investment into real estate fell at a faster pace in July than June and investment into manufacturing slowed its pace of growth, suggesting that the post-lockdown recovery is losing steam.
The benchmark CAC 40 was up 21 points, or 0.3 percent, at 6,574 after closing 0.1 percent higher on Friday.
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