CAC 40 Edges Higher Led By Banks
(RTTNews) - French stocks were moving higher on Monday as earnings optimism outweighed lingering concerns about a challenging macroeconomic environment.
Asian manufacturing output continued to weaken in July amid lingering supply-chain complications and a slowing global economy, a slew of surveys showed earlier in the day.
Also, factory activity across the euro zone contracted in July, adding to concerns the bloc could fall into a recession. The region's manufacturing PMI index fell to 49.8 from 52.1 in June, S&P Global said.
French manufacturing activity also contracted by more than expected in July.
The benchmark CAC 40 was up 18 points, or 0.3 percent, at 6,46 after rallying 1.7 percent on Friday.
Banks BNP Paribas, Credit Agricole and Societe Generale rose between half a percent and 1.4 percent after HSBC Holdings delivered better-than-estimated profits.
Vinci was down 0.8 percent after it agreed to buy Fintech Advisory Inc.'s 30 percent stake in Mexican airport operator Grupo Aeroportuario del Centro Norte SAB.
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