CAC 40 Up Nearly 2.5% As Stocks Rally On Positive Global Cues

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(RTTNews) - French stocks are up sharply on Wednesday with investors reacting to U.S. President Donald Trump's softer tone toward Federal Reserve Chair Jerome Powell, and his admission that the 145% tariffs on China are "very high" and they will come down substantially.

Investors are also digesting corporate earnings updates, and data on France's manufacturing and services sector activity.

The benchmark CAC 40 was up 176.78 points or 2.41% at 7,503.25 a few minutes ago.

Eurofins Scientific is up nearly 8.5% thanks to the company reporting a near 7% surge in first-quarter revenue at euro 1,767 million. Organic revenue growth was up 3.9% in the first-quarter.

Schneider Electric, ArcelorMittal, STMicroElectronics, Airbus, Saint Gobain and Kering are up 4 to 5%.

Stellantis, Societe Generale, BNP Paribas and LVMH are up 3.4 to 3.9%. Accor, Hermes International, TotalEnergies, Capgemini, Bureau Veritas, Legrand and Dassault Systemes are gaining 2 to 3%.

Publicis Groupe, Renault, Michelin, Sanofi, Pernod Ricard, Safran and Essilor are also up with strong gains.

Thales is down by about 2.5%. Engie is declining 1.7%, while Orange is down by about 0.8%.

Flash survey data from S&P Global showed France's private sector activity came under renewed pressure in April due to pronounced demand weakness in the domestic market and deteriorating confidence among service providers.

The HCOB composite output index registered 47.3 in April, down from 48.0 in March. The reading was expected to ease to 47.8. The score remained below the threshold 50.0 mark for the eight successive month indicating contraction in output.

The services Purchasing Managers' Index slid to 46.8 in April from 47.9 in the previous month. The score was also below forecast of 47.7. The factory PMI posted 48.2, down from 48.5 a month ago. The reading was expected to drop more sharply to 47.9.

U.S. Economic Shrinks Slightly Less Than Previously Estimated In Q1

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U.S. Weekly Jobless Claims Climb More Than Expected To 240,000

First-time claims for U.S. unemployment benefits rose by more than expected in the week ended May 24th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 240,000, an increase of 14,000 from the previous week's revised level of 226,000. Economists had expected jobless claims to inch up to 230,000.

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Hormel Foods Recalls 256K Pounds Of Canned Beef Stew Product

Hormel Foods Corp. is recalling around 256,185 pounds of canned beef stew product that may be contaminated with foreign material, specifically wood, according to the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS. The Tucker, Georgia-based branded food major's recall involves 20-oz. metal cans containing "Dinty Moore BEEF STEW" with "BEST BY FEB 2028".

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UK Vehicle Manufacturing Logs Weakest Start To Year Since 2009: SMMT

UK automotive manufacturing registered its weakest start to a year since 2009, the Society of Motor Manufacturers & Traders, or SMMT, said Thursday. Car and commercial vehicle production decreased 15.8 percent on a yearly basis to 59,203 units in April. Auto production fell to the lowest level for the month since 1952, excluding 2020 when the first Covid lockdown effectively saw manufacturing c

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Bay Street Looks Set To Start On Firm Note

Canadian shares look headed for a firm start on Thursday, with encouraging earnings by Royal Bank of Canada and Canadian Imperial Bank of Commerce, and a U.S. court ruling against U.S. President Donald Trump's sweeping tariff moves set to lift sentiment.

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