CAC 40 Inches Higher Ahead Of Bond Auction
(RTTNews) - French stocks eked out modest gains on Thursday after the Swiss National Bank announced its second interest-rate cut this year and reinforced its stance in the global policy easing cycle.
The benchmark CAC 40 was up 25 points, or 0.3 percent, at 7,595 after losing 0.8 percent the previous day.
Euro zone government bond yields rose as France prepares to sell bonds for the first time since President Emmanuel Macron called for a snap election.
Automaker Renault dropped half a percent as industry data showed Europe's new car registrations declined in May due to a notable contraction in the electric car sales. Overall car sales posted an annual decrease of 3.0 percent in May, reversing a sharp 13.7 percent increase in April.
Vallourec, a maker of tubular solutions and pipelines for energy industries, gained 1 percent after it has extended a 2019 contract originally worth around $900 million with the National Oil Company of Abu Dhabi for two years.
Technip Energies rallied 2.5 percent. The technology company focused on energy and chemical industries said that it has bagged a significant contract from Indian Oil Corporation Limited.
Food group Danone slumped 4 percent after announcing it is targeting like-for-like sales growth of 3-5 percent for the 2025 to 2028 period.
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