CAC 40 Gains On Fed Rate Optimism
(RTTNews) - French stocks traded sharply higher on Thursday after comments from Fed Chair Jerome Powell suggested that the U.S. central bank is hitting pause again on its rate-hiking campaign.
After leaving interest rates unchanged at a two-decade high for the second straight policy meeting, the Federal Reserve on Wednesday indicated that policy will likely remain unchanged into 2024.
The benchmark CAC 40 was up 84 points, or 1.21 percent, at 7,016 after climbing 0.7 percent in the previous session.
Alstom jumped 3.3 percent after it secured an eight-year services contract extension worth around €950 million from CrossCountry in the United Kingdom.
Schneider Electric added 2.5 percent. The company focused on digital automation and energy management said that it has finalized the acquisition of EcoAct SAS, a climate consultation and net zero solutions provider.
Engineering & construction firm Technip Energies soared 4 percent after confirming its FY23 guidance.
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Major European Markets Largely Subdued In Thin Trading
FTSE 100 Slips Nearly 0.5%; Mining Stocks Move Up
CAC 40 Down Nearly 0.5% In Cautious Trade
Asian Stocks Track Wall Street Higher
DAX Down Marginally Amid Lackluster Trade
