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CAC 40 Rallies As Lagarde Plays Down Recession Risks
(RTTNews) - French stocks rallied on Tuesday, as China cut quarantine time for international travelers in big step toward easing Covid-19 controls and ECB President Christine Lagarde played down fears of a recession in the euro zone.
"We have markedly revised down our forecasts for growth in the next two years. But we are still expecting positive growth rates due to the domestic buffers against the loss of growth momentum," Lagarde said at the Sintra Forum.
Meanwhile, France's consumer confidence weakened for the sixth straight month in June to reach its lowest level in nearly nine years, monthly survey results from the statistical office Insee showed earlier in the day. The consumer confidence index dropped to 82 in June from 85 in May.
The benchmark CAC 40 climbed 71 points, or 1.2 percent, to 6,118 after declining 0.4 percent the previous day.
Luxury retailers were on the rise, with Kering rallying 2.2 percent and LVMH adding 1.7 percent on optimism that Chinese demand will improve.
Valeo soared 3.8 percent after the car parts company won a major contract from BMW.
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