CAC 40 Gains On Election Outcome Optimism; Banks Lead Gainers
(RTTNews) - French stocks rose on Thursday amid optimism that the far-right National Rally (RN) party would not get a majority of seats in the French parliament.
France's leftist and centrist parties have pulled hundreds of candidates from Sunday's high-stakes election in a coordinated attempt to prevent the RN from ascending to power.
The centrists and the left-wingers hope that their consolidation can prevent a clean sweep for the RN.
The benchmark CAC 40 was up 57 points, or 0.8 percent, at 7,689 after climbing 1.2 percent the previous day.
Banks topped the gainers list, with BNP Paribas, Credit Agricole and Societe Generale rallying 2-3 percent.
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NZ Dollar Rises As China Manufacturing Activity Returns To Growth
The New Zealand dollar strengthened against other major currencies in the Asian session on Friday, after China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence.
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European Shares Seen Opening Up On China Optimism
European stocks are seen opening on a positive note Friday amid optimism about the Chinese economy and stimulus push.
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NZ Dollar Rises Against Majors
The New Zealand dollar strengthened against other major currencies in the Asian session on Friday.
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European Economic News Preview: UK Factory PMI Data Due
Factory Purchasing Managers' survey results and house prices from the UK are due on Friday, headlining a light day for the European economic news. At 3.00 am ET, the UK Nationwide house price data is due. House prices are forecast to grow 2.8 percent annually in October after rising 3.2 percent in September.
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China Manufacturing Activity Returns To Growth
China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence, survey results from S&P Global showed on Friday. The Caixin manufacturing Purchasing Managers' Index rose to 50.3 in October from 49.3 in September. A reading above the neutral mark of 50.0 indicates expansion.
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Asian Markets Mixed Amid Cautious Trades
Asian stock markets are trading mixed on Friday, following the broadly negative cues from global markets overnight, as traders remain cautious and seemed reluctant to make significant moves ahead of the highly anticipated US monthly jobs report later in the day as well as next week's US presidential election. The uncertainty about the outlook for interest rate cuts weighed on market sentiment.
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Indian Markets Closed For Diwali
Indian markets remain closed today on account of Diwali. However, there will be a special one-hour Muhurat trading session between 6.00 pm and 7.00 pm.
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Japanese Market Sharply Lower; Down 2%
Extending the losses in the previous session, the Japanese stock market is sharply lower on Friday, following the negative cues from global markets overnight. The benchmark Nikkei 225 is falling more than 2 percent to just above the 38,200 level, with weakness across most sectors led by index heavyweights and technology stocks after the BoJ kept rates steady and warned of high uncertainties.
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