CAC 40 Climbs After ECB's Jumbo Rate Hike
(RTTNews) - French stocks jumped on Friday, a day after the European Central Bank raised interest rates by a record 75 basis points and signaled further hikes to tame runaway inflation.
The focus now shifts to a meeting of European Union countries' energy ministers later in the day, where they will attempt to forge a united response to shield citizens from sky-high energy prices as winter approaches.
Meanwhile, investors shrugged off data showing that French industrial production fell for the first time in three months in July.
Industrial production declined 1.6 percent from June, when output was up 1.2 percent, the statistical office Insee said. This was the first fall in three months. Economists had forecast a moderate 0.5 percent drop for July.
The benchmark CAC 40 was up 110 points, or 1.80 percent, at 6,236 after closing 0.3 percent higher on Thursday.
Banks topped the gainers list, with BNP Paribas, Credit Agricole and Societe Generale rising 3-4 percent.
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