CAC 40 Edges Higher On Easing Banking Fears
(RTTNews) - French stocks traded higher Tuesday on easing concerns over the banking system.
Investors shrugged off survey results from the statistical office Insee showing that French manufacturers' confidence slightly worsened in March for the first time in four months.
The manufacturing confidence index dropped to 104 in March from 105 in the previous month as the balance of opinion regarding the change in past and future output decreased. The expected score was 103.
The benchmark CAC 40 was up 29 points, or 0.4 percent, at 7,107 after rising 0.9 percent the previous day.
Banks BNP Paribas, Credit Agricole and Societe Generale rose between half a percent and 1.1 percent after UBS CEO Ralph Hamers reportedly said the Swiss lender views its government-orchestrated takeover of Credit Suisse Group as a growth opportunity.
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