CAC 40 Rises Ahead Of Decision On Next French PM
2024-12-12
4035
(fxcue news) - French stocks edged up slightly on Friday ahead of the appointment of a new prime minister.
President Emmanuel Macron is set to announce the appointment today, the Elysee Palace confirmed after Macron missed his self-imposed Thursday deadline.
Meanwhile, French consumer price inflation increased slightly as initially estimated in November, final data from the statistical office INSEE showed today.
The consumer price index logged an increase of 1.3 percent annually in November, slightly up from 1.2 percent in October. The inflation rate came in line with the flash data published on November 29.
Similarly, EU-harmonized inflation rose to 1.7 percent from 1.6 percent, as estimated.
Investors also await the U.S. Federal Reserve's policy meeting next week, when a 25-bps rate cut is expected.
The benchmark CAC 40 was up 12 points, or 0.2 percent, at 7,433 after finishing marginally lower on Thursday.
Sanofi SA shares fell about 1 percent. The drug major announced that the U.S. Food and Drug Administration has granted Breakthrough Therapy designation to tolebrutinib for the treatment of adults with non-relapsing secondary progressive multiple sclerosis.
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