CAC 40 Edges Higher Led By Banks
(RTTNews) - French stocks eked out modest gains on Monday after the Federal Reserve's preferred gauge of inflation rose less than expected in February, boosting optimism policymakers might hit the pause button on rate hikes in May.
Investors shrugged off the results of a survey pointing to a second successive month of falling factory activity,
S&P Global France Manufacturing PMI was revised lower to 47.3 in March 2023 from a preliminary estimate of 47.7 and below February's 47.4.
The benchmark CAC 40 was up 28 points, or 0.3 percent, at 7,347 after climbing 0.8 percent on Friday.
Banks rose, with BNP Paribas, Credit Agricole and Societe Generale gaining 1-2 percent.
Airline Air France KLM fell over 1 percent as oil prices jumped more than 5 percent after a surprise oil output cut announcement by Saudi Arabia and other major oil producers.
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