CAC 40 Gains As Markets Ignore US Rating Downgrade
(RTTNews) - French stocks advanced on Monday following a tech-driven rally on Wall Street Friday.
A cautious undertone prevailed, however, ahead of key inflation data from the U.S. and the euro zone due later this week.
Meanwhile, markets ignored Moody's decision to lower its outlook on the U.S. credit rating to "negative" from "stable" and looked ahead to a meeting between U.S. President Joe Biden and his Chinese counterpart, Xi Jinping, due this week for direction.
"The key driver of the outlook change to negative is Moody's assessment that the downside risks to the US' fiscal strength have increased and may no longer be fully offset by the sovereign's unique credit strengths," the agency said.
The benchmark CAC 40 was up 42 points, or 0.6 percent, at 7,087 after declining 1 percent on Friday.
TotalEnergies rose about 1 percent after an announcement that it would acquire three gas-fired power plants with a total capacity of 1.5 GW in Texas from TexGen for $635 million.
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