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CAC 40 Rebounds After Thursday's Selloff
(RTTNews) - French stocks were moving higher on Friday as investors pinned hopes for demand recovery in the world's second-biggest economy on eve of upcoming Lunar New Year holiday.
Comments from several Fed officials expressing support for a downshift in the pace of U.S. rate rises also boosted sentiment.
The benchmark CAC 40 was up 32 points, or 0.4 percent, at 6,982 after plunging 1.9 percent the previous day.
China-exposed luxury stocks such as LVMH and Hermes International were gaining ground after China said the number of COVID-19 patients needing critical care in hospitals has peaked ahead of what is expected to be one of the busiest days of travel in years.
The dollar edged lower in early European trade and bond yields remained subdued as traders priced in the likelihood of a softer 25-bps rate hike at the Fed's January 31-February 1 meeting.
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