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CAC 40 Rises Led By Banks
(RTTNews) - French stocks were slightly higher on Wednesday as investors awaited U.S. inflation data later in the day for clues on how aggressive the Federal Reserve will be in its expected interest rate hike in September.
After U.S. job growth rose much more than expected in July, traders are now pricing in a roughly 69 percent chance of the Fed raising rates by 75 basis points (bps) at its September FOMC meeting.
Closer home, the European Central Bank is expected to raise rates by 50 bps in September.
The benchmark CAC 40 rose 10 points, or 0.2 percent, to 6,500 after closing half a percent lower in the previous session.
Banks advanced, with BNP Paribas, Credit Agricole and Societe Generale all rising around 1 percent.
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