CAC 40 Gains On Expectations Of US Rate Cuts
2024-07-22
3853
(fxcue news) - French stocks advanced on Friday as strong U.S. GDP growth and signs of cooling inflation paved the way for the Federal Reserve to cut interest rates soon.
Earlier this week, a former Fed hawk said waiting for September to cut rates "unnecessarily increases the risk" of recession.
The benchmark CAC 40 rose 67 points, or 0.9 percent, to 7,494 after losing 1.2 percent on Thursday.
In corporate news, Capgemini shares slumped 11 percent. The IT consulting group expects its annual revenue to fall between 0.5 percent and 1.5 percent, compared with the earlier expectation of 0-3 percent rise.
Hermes International rallied nearly 5 percent. The Birkin-bag maker reported a 13 percent rise in second-quarter sales, defying the luxury downturn.
Eyewear maker EssilorLuxottica jumped 8 percent after reporting strong financial performance for the first half of 2024.
Construction-to-telecom group Bouygues dropped 1 percent despite delivering better-than-expected core profit for the first half of the year.
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