Tech Bets, Oil Relief Boost CAC 40

(RTTNews) - AI-led gains in the global tech sector as well as the respite provided by declining crude oil prices allowed the CAC 40 benchmark to add on to Wednesday's gains. Both the crude oil benchmarks have declined close to a percent.

The CAC 40 index that tracks the 40 largest French stocks based on the Euronext Paris is currently trading at 8,432.35, gaining 47 points or 0.57 percent from the previous close of 8,385.49. The day's trading ranged between 8,435.08 and 8,374.50.

At current levels, the index has gained more than 11 percent over the past 1 year.

Amidst the positive sentiment, only 8 scrips in the 40-stock index are trading below the flatline.

STMicroElectronics topped gains with a surge of 4.1 percent. Accor rallied 3.7 percent followed by Saint Gobain as well as Kering, that both gained more than 2 percent. Thales led losses with a decline of 3.2 percent followed by EssilorLuxottica that shed more than 2 percent. Publicis Groupe and TotalEnergies, both have declined more than 1 percent.

Amidst a decline in crude oil prices and fears about rate hikes by the Fed, global bond yields are trading in a mixed fashion. France's 10-year bond yields have, in tandem with the softening trend in Europe, declined 0.28 percent to 3.622 percent from 3.632 percent a day earlier. Yields ranged between 3.639 percent and 3.619 percent in the day's trading.

The dollar's strength amidst fears of rate hikes by the Federal Reserve have lifted the 6-currency Dollar Index 0.04 percent to 101.65. The index was at 101.61 a day earlier. The EUR/USD pair has in the meanwhile slipped 0.13 percent to 1.1344. The pair ranged between 1.1374 and 1.1343. The EUR/GBP pair is trading 0.15 percent lower at 0.8617. The EUR/JPY pair has also slipped 0.08 percent to trade at 183.65.

Data released earlier in the day showed France's consumer confidence indicator rising to 84 in June, slightly exceeding market expectations of 83. The same was at a more than three-year low of 82 in the previous month.