CAC 40 Edges Higher As China Cuts Bank Reserve Ratio
(RTTNews) - French stocks traded higher on Wednesday after China's central bank said it would cut the amount of cash that banks must hold as reserves from Feb. 5 to help boost the slowing economy.
Meanwhile, investors shrugged off flash survey results from S&P Global showing that France's private sector activity contracted the most in four months in January.
The headline HCOB composite output index dropped to 44.2 in January from 44.8 in December. This was the weakest score since September also below economists' forecast of 45.2.
The benchmark CAC 40 was up 40 points, or half a percent, at 7,428 after losing 0.3 percent in the previous session.
In corporate news, rolling stock maker Alstom slumped 6.6 percent after Q3 sales missed estimates.
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