Inflation Dip And China Hopes Lift CAC 40
(RTTNews) - Better-than-expected inflation readings that renewed rate cut expectations from the ECB as well as hopes of economic revival in China following the stimulus measures have lifted the CAC-40 higher in Friday's trading.
Data released earlier in the day showed preliminary inflation reading for September at 1.2 percent, lower than 1.6 percent that the markets had expected. The level was 1.8 percent a month earlier.
The CAC-40 is currently trading at 7,770.46, rising 0.37 percent from the previous close of 7,742.09. The day's trading has been between 7,743.88 and 7,779.61. Of the 40 scrips in the index, only 12 scrips are trading below the flatline.
China-focused luxury business Kering topped gains with a jump of 5.1 percent. STMicroelectronics rallied 4.5 percent. Renault, Stellantis and Teleperformance, all gained more than 3 percent in the day's trading.
Schneider Electric, Dassault Systemes and Safran have all slipped more than 1 percent. AXA and Publicis Groupe also shed more than 0.75 percent.
The EUR/USD pair has slipped 0.15 percent and is currently trading at 1.1159 after ranging between 1.1179 and 1.1125. The EUR/GBP pair has edged up 0.05 percent to 0.8336 whereas the EUR/JPY pair has slipped 1.32 percent to 159.74.
In line with the softening in global bond yields, yields on France's ten-year bonds have declined 2.6 percent to 2.895%. The yield was at 2.973 percent a day earlier.
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