CAC 40 Climbs On Earnings

(RTTNews) - French stocks climbed on Thursday as upbeat earnings results outweighed signs of weakness in the economy.

France's private sector shrank again in October as both manufacturers and service providers reported lower output, survey data from S&P Global showed.

The flash composite output index unexpectedly fell to a nine-month low of 47.3 in October from 48.6 in the previous month. This was the lowest score since the start of this year.

Separately, France's manufacturing confidence weakened sharply in October, survey data from the statistical office INSEE showed.

The business climate index fell to 92 in October from 99 in September. The score deviated sharply from its long-term average of 100.

Moreover, excluding the COVID-19 pandemic period, this was the biggest monthly fall since November 2008.

The benchmark CAC 40 was up 55 points, or 0.7 percent, at 7,552 after losing half a percent in the previous session.

Birkin bag maker Hermes International rallied 2.4 percent after it reported an 11.3 percent rise in third-quarter sales.

Peer Kering climbed 2.1 percent after reporting higher third-quarter sales.

Orange added 1.9 percent. The telecommunications and digital service provider reported revenue of 9.995 billion euros for the third quarter, up 1.6 percent from the corresponding period a year ago, mainly helped by growth retail services.

Renault soared 7.3 percent as the carmaker reported an unexpected rise in quarterly revenues.

Caterer Sodexo advanced 5.5 percent after reporting higher than expected sales growth for the year through Aug. 3.

Consumer goods group Danone added 2.8 percent after Q3 organic revenue growth exceeded market expectations.

Tyre maker Michelin plunged 6.6 percent after cutting its annual sales volume forecast.