CAC 40 Gains In Cautious Trade

RTTNews | vor 1021 Tagen
CAC 40 Gains In Cautious Trade

(RTTNews) - French stocks rose on Friday despite lingering worries about the impact of China's "zero-COVID" strategy and fresh indications that the U.S. Federal Reserve will keep raising rates to fight inflation.

The benchmark CAC 40 was up 35 points, or half a percent, at 6,610 after losing half a percent the previous day.

Banks traded mostly higher as the European Central Bank begins the biggest withdrawal of cash from the euro zone's banking system in its history.

BNP Paribas climbed 1.2 percent and Credit Agricole added 0.7 percent.

The dollar edged lower in early European trade but was still heading for a weekly gain following recent hawkish Fed comments.

Oil pared early gains and was on track for a steep weekly decline on concerns about weakening demand in China.

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Australian Market Trims Early Gains In Mid-market

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The Hong Kong stock market has moved lower in three straight sessions, sinking more than 550 points or 2.2 percent in that span. The Hang Seng Index now sits just shy of the 25,060-point plateau although it's due for support on Friday.
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The China stock market has moved lower in three straight sessions, dropping more than 110 points or 2.8 percent along the way. The Shanghai Composite Index now sits just above the 3,760-point plateau although it may stop the bleeding on Friday.
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