CAC 40 Extends Gains As Investors Look To Fed
(RTTNews) - French stocks rose on Tuesday to extend gains from the previous session as a two-day policy meeting of the Federal Reserve gets underway later today.
The benchmark CAC 40 was up 93 points, or 1.3 percent, at 7,106 after climbing 1.3 percent on Monday.
Banks BNP Paribas, Credit Agricole and Societe Generale jumped 3-5 percent as fears of a widespread contagion risk eased somewhat after the takeover of Credit Suisse.
Automaker Renault climbed 2.2 percent after industry data showed European new passenger car registrations continued to strengthen in February albeit due to the low base of comparison given the semiconductor shortage crisis at the beginning of 2022.
Passenger car sales increased 11.5 percent on a yearly basis to 802,763 units in February. This followed an 11.3 percent rise in January.
Pernod Ricard SA gained half a percent. The spirits and wines firm said that its American unit has inked a deal to buy a majority stake in Skrewball, a peanut butter flavored whiskey brand.
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