CAC 40 Modestly Higher As Weak Oil Prices Aid Recovery
(RTTNews) - Thanks to easing crude oil prices and lower bond yields, France's equity benchmark CAC 40 edged higher on Wednesday, recovering from a four-month low it touched in the previous session.
However, the mood remained somewhat cautious as investors looked ahead to the Federal Reserve's monetary policy announcement, due later in the day. The U.S. central bank is widely expected to raise interest rate by 25 basis points. The accompanying statement is in focus for clues about Fed's future interest rate path.
Oil prices eased after industry data showed an unexpected build in U.S. crude inventories and reports emerged that Saudi Arabia is offering more crude oil to Asian refiners through ship-to-ship transfer off Oman's Sohar port.
Brent crude futures slipped 0.8% to $107.89 a barrel, while WTI crude futures were down 1.2% at $104.52.
The CAC 40 was up 30.89 points or 0.37% at 8,121.17 nearly half an hour past noon.
STMicroelectronics climbed 2.7%. Bouygues, Kering and Eiffage gained 1.7%, 1.6% and 1.5%, respectively. ArcelorMittal, Engie, Vinci, Societe Generale, Schneider Electric, Veolia Environment and Accor gained 0.8%-1.5%.
Credit Agricole, TotalEnergies, Safran, Airbus, Michelin and Unibail Rodamco moved modestly higher.
Vallourec, a provider of tubular solutions for oil, gas and new energy industry, surged 4.6 percent in Paris after securing a major contract from Subsea7 for an offshore project in Brazil.
Renault went on reverse gear, losing about 4.4%. Stellantis shed 2.7% and Capgemini eased by about 2.5%.
Dassault Systemes dropped 1.6%, while Publicis Groupe, Carrefour, Pernod Ricard, Danone and Euronext shed 0.7%-1.1%.
FTSE 100 Up 0.6% At Noon; Miners, Bank Stocks Move Higher
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Eurozone Industrial Production Shrinks For Second Month
German Stocks Gain Ground On Oil Decline, Fed Looms
Gold Climbs On Easing Dollar, Softer Crude Prices
Oil Prices Edge Lower As Supply Concerns Ease
European Shares Hold Steady Ahead Of Fed Decision
