CAC 40 Modestly Higher After Inflation Data
(RTTNews) - French stocks are modestly higher Wednesday morning with investors digesting the nation's consumer price inflation data, and looking ahead to U.S. inflation report for clues about Fed interest rates.
Data from INSEE showed French inflation held steady in December as initially estimated.
The benchmark CAC 40 was up 23.80 points or 0.32% at 7,447.47 a little while ago.
Michelin is climbing nearly 2.5%. Sanofi, Orange and Societe Generale are gaining 1.8 to 2%. Bouygues, Unibail Rodamco, ArcelorMittal, Credit Agricole and AXA are up 1 to 1.6%.
LVMH is down 1.4% and Hermes International is declining 1.1%. Thales, L'Oreal, Pernod Ricard and Publicis Groupe are modestly lower.
Data from the statistical office INSEE said France's consumer price inflation came in at 1.3% in December, the same as in November, and in line with the flash data published earlier this month.
Meanwhile, harmonized inflation edged up to 1.8% in December from 1.7% a month ago, as estimated. However, inflation remained below the European Central Bank's target of 2%.
The rebound in prices of energy was offset by a slightly more marked fall in the prices of manufactured goods than in November and by the stabilization in food prices, the data said.
On a monthly basis, consumer prices rose 0.2%, in contrast to the 0.1% decrease in November. The rate matched the flash estimate. Likewise, the harmonized index of consumer prices gained 0.2% after a 0.1% fall in the previous month.
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