CAC 40 Inches Higher As Banks Rally On Rate Hike Expectations
(RTTNews) - French stocks rebounded on Tuesday, with a retreat in U.S. Treasury yields and gains in U.S. stock futures boosting investor sentiment.
The benchmark CAC 40 jumped 57 points, or 0.9 percent, to 6,279 after losing 0.8 percent the previous day.
Banks BNP Paribas, Credit Agricole and Societe Generale rose 2-3 percent on expectations that they would benefit from rising interest rates.
Futures markets have odds of better than two-thirds that the European Central Bank will raise rates by 75 basis points in September.
ECB Chief Economist Philip Lane said in a speech that the upcoming September monetary policy meeting will be the "start of a new phase" for the central bank.
Sanofi gained 0.7 percent. The U.S. FDA has granted priority review to the French drug maker and Sweden's SOBI efanesoctocog alfa (BIVV001) to treat people with hemophilia A.
In economic releases, Eurozone's final consumer confidence index held at -24.9 in August, the European Commission said - matching expectations.
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