CAC 40 Rallies Led By Banks And Financials
(RTTNews) - French stocks traded higher on Friday amid optimism over the Federal Reserve cutting interest rates later this year.
Meanwhile, data showed France's consumer price inflation accelerated slightly as initially estimated in April.
The consumer price index climbed 5.9 percent year-over-year in April, following a 5.7 percent rise in March, according to the statistical office Insee. That was in line with the flash data published on April 28.
On a monthly basis, consumer prices went up 0.6 percent in April, after a 0.9 percent increase in the prior month.
EU harmonized inflation climbed to 6.9 percent in April from 6.7 percent in the prior month, as estimated.
The benchmark CAC 40 was up 71 points, or 0.9 percent, at 7,451 after rising 0.3 percent on Thursday.
Lender Societe Generale advanced 1.7 percent after reporting a rise in first-quarter net profit. Peer BNP Paribas climbed 2.4 percent and Credit Agricole added 2.9 percent.
Reinsurer SCOR SE jumped nearly 9 percent after its Q1 earnings beat forecasts.
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