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CAC 40 Rallies As LVMH Delivers Solid Results
(RTTNews) - French stocks traded sharply higher on Wednesday, after having fallen heavily on Tuesday on concerns about rising tensions between Iran and Israel, and U.S. rate cut uncertainty.
The benchmark CAC 40 was up 96 points, or 1.2 percent, at 8,028 after falling around 1.4 percent in the previous session.
The euro held steady above 1.0600 against the dollar after posting small losses on Tuesday.
Sanofi was little changed despite reporting positive data from Phase 2 study of frexalimab in participants with relapsing multiple sclerosis (MS) at 48-weeks.
LVMH jumped more than 4 percent. The world's largest luxury group slightly missed Q1 revenue estimates but sounded optimistic about the industry's outlook, especially in China.
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The Switzerland market ended notably lower on Friday after languishing in negative territory right through the day's session.
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European Markets Close Mostly Flat
The major European markets closed roughly flat on Friday as the mood turned cautious with investors awaiting Fitch's review of France's sovereign rating. Shares from automobile, banking and healthcare sectors were among the laggards, while mining stocks found fairly good support.
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Russia Central Bank Cuts Rate By 100 Bps
Russia's central bank slashed its benchmark interest rate for the third time this year as higher lending rates weigh on business activity and damp economic recovery. The Board of Directors of Bank of Russia, governed by Elvira Nabiullina, decided to cut the key interest rate by 100 basis points to 17.00 percent from 18.00 percent.
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