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CAC 40 Edges Higher Ahead Of Fed Meeting
(RTTNews) - French stocks eked out modest gains on Wednesday after Alphabet and Microsoft reported better-than-expected results, helping soothe investor worries over the economic outlook.
Market participants await the Fed's interest-rate decision later in the day, with a 75-bps rate hike mostly priced in.
Investors shrugged off monthly survey results from the statistical office Insee showing that France's consumer confidence weakened for the seventh successive month in July to reach its lowest level in just over nine years,
The consumer confidence index dropped to 80.0 in July from 82.0 in June, in line with expectations. The sentiment also remained well below its long-term average of 100.
Further, this was the lowest level of consumer confidence since June 2013, when it reached the score of 79.0.
The benchmark CAC 40 rose 0.3 percent to 6,232 after losing 0.4 percent in the previous session.
Food company Danone was marginally higher after lifting its FY22 sales growth view. Bouygues SA shares fell about 1 percent. The telecommunications, media, and construction company announced that the French Competition Authority's investigation teams have issued their report on the proposed merger between its media unit TF1 group and the M6 group.
LVMH was slightly higher after the world's top luxury group reported better-than-expected second-quarter sales.
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