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CAC 40 Rises After Selloff; Banks, Auto Gain
(RTTNews) - French stocks advanced on Friday after two Fed officials signaled support for a second straight 75-basis-point rate hike at the U.S. central bank's policy meeting later this month, alleviating some fears of a 100-basis point hike.
Italy's political turmoil remained in focus after President Sergio Mattarella rejected Prime Minister Mario Draghi's resignation and asked him to address parliament next week to get a clearer picture of the political situation.
The benchmark CAC 40 rose 56 points, or 1 percent, to 5,971 after declining 1.4 percent on Thursday.
Banks BNP Paribas, Credit Agricole and Societe Generale all traded up over 1 percent. Automaker Renault soared 5.3 percent despite European passenger car registrations declining for the twelfth successive month in June.
Registrations of new passenger cars decreased 15.4 percent year-over-year in June, faster than the 11.2 percent fall in May, as supply chain issues continue to hurt production, the European Automobile Manufacturers' Association said.
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