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Rate Cut Hopes Propel CAC-40 Higher
(RTTNews) - The CAC-40 gained tracking European peers as well as Asian and Wall Street markets that traded on a positive note. Better-than-expected readings on PCE-based inflation in the U.S. renewed rate cut hopes by the Federal Reserve.
The CAC-40 is currently trading at 7,585.80, adding 0.22 percent from the previous close of 7,568.82. The day's trading has been between 7,603.27 and 7,562.52. Only 12 of the 40 scrips in the index are currently trading in negative territory. Alstom topped with gains of 2.1 percent. Capgemini and STMicroelectronics both added more than 1 percent.
Orange is the greatest laggard with a decline of more than 1 percent.
The Dollar Index has edged down 0.05 percent to 101.41, versus 101.47 a day earlier. The EUR/USD has in the meanwhile touched a 5-month high of 1.1059 before falling to its current level of 1.1054.
Rising hopes of a Fed-pivot and rate cut dragged down bond yields. Yields on France's ten-year bonds have dropped 1.66 percent to 2.431%. The yield was at 2.472 percent a day earlier.
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