CAC 40 Rises Despite Inflation Concerns
(RTTNews) - French stocks rose notably on Friday even as hotter-than-expected U.S. CPI data fanned worries about aggressive tightening by the Federal Reserve and a possible recession.
Euro zone bond yields fell after European Central Bank (ECB) Vice-President Luis de Guindos said uncertainty about Russian energy imports is pushing the eurozone closer towards a contraction in 2023.
The central bank was prepared for a possible technical recession paired with high inflation, which must be brought down to maintain market confidence, he said.
The benchmark CAC 40 was up 45 points, or 0.8 percent, at 5,923 after gaining 1 percent in the previous session.
Danone added nearly 2 percent. The food-products corporation said that it has started a process to transfer the effective control of its Essential Dairy and Plant-based or EDP business in Russia.
In economic releases, France's consumer price inflation eased in September as initially estimated, latest data from the statistical office showed.
Consumer price inflation slowed to 5.6 percent in September from 5.9 percent in August. That was in line with flash data published on September 30.
The easing trend in inflation was mainly resulted from the slowdown in service costs and energy prices, the agency said.
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