CAC 40 Climbs As UK Economy Exits Recession
(RTTNews) - French stocks rose on Friday as fresh signs of cooling in the U.S. labor market revived hopes for U.S. rate cuts this year.
Bank of England's dovish rate decision on Thursday and better-than-expected U.K. GDP growth data released earlier today also boosted investor sentiment.
The U.K economy exited a technical recession in the first quarter with the economic output growing better than expected led by a rebound in the services output and household spending.
Gross domestic product grew 0.6 percent from the fourth quarter, when the economy shrank 0.3 percent, preliminary estimates from the Office for National Statistics showed.
Economists had expected the first quarter growth to come in at 0.4 percent.
The benchmark CAC 40 was up 58 points, or 0.7 percent, at 8,245 after gaining 0.7 percent on Thursday.
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