CAC 40 Rallies Led By Banks
(RTTNews) - French stocks rallied on Wednesday after it emerged that the European Central Bank will hold an unscheduled meeting later today to discuss the recent volatility in government bond markets.
ECB executive board member Isabel Schnabel indicated on Tuesday that the central bank will fight any "disorderly" blowout in the borrowing costs of more indebted euro zone nations.
In economic releases, annual inflation rate in France rose 5.2 percent in May, the highest since September of 1985, the French statistics agency said.
The FOMC is expected to raise its key Fed Funds rate by 50 bps later in the day. A move of 75 basis points would be a surprise, given the deteriorating outlook for growth around the world.
The benchmark CAC 40 rose 68 points, or 1.2 percent, to 6,018 after falling 1.2 percent on Tuesday.
Lenders BNP Paribas, Credit Agricole and Societe Generale all were up around 3 percent.
Stellantis added 2.4 percent after the world's fourth-largest carmaker announced it would begin an indefinite layoff starting next week at its Sterling Heights stamping plant in Michigan.
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