CAC 40 Gains Led By Banks
2024-11-27
1933
(fxcue news) - French stocks advanced on Thursday as President Emmanuel Macron seeks a way out of France's political crisis.
Prime Minister Michel Barnier is expected to resign later today after being ousted in a no-confidence vote over a budget dispute. That makes him the shortest serving prime minister in modern French history.
It is likely that the country will remain without a government for several weeks, if not months, until Macron appoints a new prime minister, who will have to form a new government.
The State budget and the social security budget for 2025 will not be voted on, but the constitution allows special measures that would avert a U.S.-style government shutdown.
The benchmark CAC 40 was up 42 points, or 0.6 percent, at 7,345 after gaining 0.7 percent the previous day.
In corporate news, aircraft equipment manufacturer Safran SA plunged 5.2 percent after issuing new financial targets.
Banks BNP Paribas, Credit Agricole and Societe Generale climbed 2-3 percent on hopes that the government can avoid a shutdown.
Oil firm TotalEnergies added 1.5 percent after RBC upgraded its rating on the stock.
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