CAC 40 Up Nearly 2.5% As Stocks Rally On Positive Global Cues

RTTNews | 147 days ago

(RTTNews) - French stocks are up sharply on Wednesday with investors reacting to U.S. President Donald Trump's softer tone toward Federal Reserve Chair Jerome Powell, and his admission that the 145% tariffs on China are "very high" and they will come down substantially.

Investors are also digesting corporate earnings updates, and data on France's manufacturing and services sector activity.

The benchmark CAC 40 was up 176.78 points or 2.41% at 7,503.25 a few minutes ago.

Eurofins Scientific is up nearly 8.5% thanks to the company reporting a near 7% surge in first-quarter revenue at euro 1,767 million. Organic revenue growth was up 3.9% in the first-quarter.

Schneider Electric, ArcelorMittal, STMicroElectronics, Airbus, Saint Gobain and Kering are up 4 to 5%.

Stellantis, Societe Generale, BNP Paribas and LVMH are up 3.4 to 3.9%. Accor, Hermes International, TotalEnergies, Capgemini, Bureau Veritas, Legrand and Dassault Systemes are gaining 2 to 3%.

Publicis Groupe, Renault, Michelin, Sanofi, Pernod Ricard, Safran and Essilor are also up with strong gains.

Thales is down by about 2.5%. Engie is declining 1.7%, while Orange is down by about 0.8%.

Flash survey data from S&P Global showed France's private sector activity came under renewed pressure in April due to pronounced demand weakness in the domestic market and deteriorating confidence among service providers.

The HCOB composite output index registered 47.3 in April, down from 48.0 in March. The reading was expected to ease to 47.8. The score remained below the threshold 50.0 mark for the eight successive month indicating contraction in output.

The services Purchasing Managers' Index slid to 46.8 in April from 47.9 in the previous month. The score was also below forecast of 47.7. The factory PMI posted 48.2, down from 48.5 a month ago. The reading was expected to drop more sharply to 47.9.

Fed Cuts Rates By Quarter Point, Forecasts Two More Rate Cuts This Year

In a widely expected move, the Federal Reserve on Wednesday announced that it has decided to lower interest rates by a quarter point, marking the first rate cut of 2025. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 4.0 percent to 4.25 percent, citing a shift in the balance of risks.

RTTNews | 46 minutes ago

Swiss Market Ends Marginally Down

After a weak start and a subsequent long spell in negative territory, the Switzerland market briefly moved above the flat line in late afternoon trade on Wednesday, but failed to sustain momentum and settled marginally down with a few frontline stocks turning weak again.

RTTNews | 1h 13min ago

European Markets Close Mixed After Cautious Session

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Canadian Market Modestly Higher At Noon; BoC Lowers Interest Rate

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RTTNews | 3h 8min ago

Bank Of Canada Lowers Interest Rates By A Quarter Point

After leaving interest rates unchanged for three straight meetings, the Bank of Canada on Wednesday announced its widely expected decision to lower rates by a quarter point. The Bank of Canada said it decided to reduce its target for the overnight rate by 25 basis points to 2.5 percent, with the Bank Rate at 2.75 percent and the deposit rate at 2.45 percent.

RTTNews | 3h 50min ago

U.S. Housing Starts Pull Back Much More Than Expected In August

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RTTNews | 4h 50min ago

UK Inflation Unchanged At 3.8%

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RTTNews | 6h 1min ago

U.S. Housing Starts Plunge 8.5% In August, Much More Than Expected

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