French Stocks Rise On Weak Oil, Lower Yields Post-Fed Rate Hike
(RTTNews) - French stocks gained some ground in positive territory on Thursday thanks to weak oil prices and lower bond yields after the Federal Reserve's 25-basis point interest rate hike.
Brent crude futures dropped to a low of $103.34 before recovering to $103.70, still down by over 2% from previous close.
U.S. Treasury yields declined in European trade, reflecting markets' increased trust in the Federal Reserve's resolve to bring inflation under control.
The benchmark CAC 40, which advanced to 8,189.23, was up 30.37 points or 0.37% at 8,170.96 a few minutes ago.
Renault, which ended weak on Wednesday, turned positive today and gained nearly 3%. Stellantis moved up 2.3% and Eurofins Scientific climbed 2.1%.
Schneider Electric gained about 1.7%, while Safran, Orange, AXA, Veolia Environment, Bureau Veritas, Capgemini, Legrand and Michelin gained 0.6%-1.1%.
EssilorLuxottica and Dassault Systemes drifted lower by 1.8% and 1.7%, respectively. Engie, Air Liquide, Thales, Pernod Ricard and STMicroelectronics shed 0.3%-0.7%.
In economic news, final data from Eurostat showed Eurozone inflation accelerated less than estimated in August, with harmonized inflation rising to 3.2% from 2.9% in July. The August rate was revised down from the flash estimate of 3.3%.
Meanwhile, core inflation that excludes energy, food, alcohol and tobacco, eased to 2.4%, as initially estimated, from 2.5% in July.
On a monthly basis, the harmonized index of consumer prices moved up 0.4%, matching estimate.
U.S. Housing Starts Unexpectedly See Further Downside In August
U.S. Weekly Jobless Claims Unexpectedly Decrease
Bay Street Looks Headed For Positive Start
FTSE 100 Rises 0.5%; BoE Leaves Interest Rate Unchanged
German Stocks Rise As Oil Declines, Bond Yields Fall
Indian Shares End Choppy Session Mixed After Fed Hike
Gold Climbs Amid Sliding Dollar, Yields
