CAC 40 Climbs 1.5% Amid Oil Weakness, U.S. Political Shifts
(RTTNews) - French stocks gained notable ground in positive territory on Wednesday as weak oil prices and lower bond yields helped underpin sentiment. In addition to tracking corporate earnings, investors closely followed political news from the U.S. where Democrats took control of both houses of Congress in a dramatic win in the midterm elections.
The defeat of the Republicans in the midterm elections has raised uncertainty over tech regulation, trade policy and the U.S. budget deficit.
Tech stocks gained in strength, buoyed by AMD's record third-quarter revenue thanks to strong sales of AI chips.
Brent crude front-month futures fell to $101.55 before recovering to $102.22, still down as much as 1.3% from previous close.
The benchmark CAC 40 was up 119.19 points or about 1.5% at 8,139.50 a little while ago.
BNP Paribas climbed nearly 5%. Societe Generale and Credit Agricole moved up 4.5% and 3.5%, respectively.
ArcelorMittal advanced 4.5%. Kering gained nearly 4% and AXA gained 3%. Renault, Engie, Safran, Michelin, Saint-Gobain, Accor, Bouygues, Hermes International and Vinci moved up 2%-2.7%.
Eiffage, Orange, Carrefour, Veolia Environment, Sanofi, LVMH, L'Oreal, Unibail Rodamco, Capgemini, Eurofins Scientific, Bureau Veritas, Danone and Dassault Systemes also moved notably higher.
Thales drifted down nearly 3%. Stellantais and Euronext dropped 1.6% and 1.1%, respectively. Schneider Electric and EssilorLuxottica shed modest ground.
On the economic front, data from S&P Global showed the S&P Global France Composite PMI for October was revised sharply down to 46.6 from the flash estimate of 48.4, falling below September's 51.1.
The S&P Global France Services PMI fell to 46.2 in October, revising lower from the preliminary estimate of 48.4 and slipping from 51.2 in the previous month. This marked the steepest contraction since May.
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