CAC 40 Hits One-Month High After ECB Holds Rates
The CAC 40 rose 1% to close at 7,970 on Thursday, reaching its highest level in a month after the ECB left interest rates unchanged, as expected. Policymakers maintained the deposit rate at 2.5% as they assessed inflation risks stemming from energy market disruptions following the US-Iran war. However, ECB officials remain prepared to raise rates in December if the inflation outlook fails to improve. France’s 10-year OAT yield slipped after the policy meeting. Gains were broad-based amid the favorable backdrop and a fresh batch of corporate earnings. Société Générale rose 0.7% after beating earnings and revenue estimates. TotalEnergies gained 1.2% after exceeding third-quarter earnings expectations, supported by higher oil prices amid the Middle East conflict. Renault climbed 6.9% on resilient third-quarter revenue, driven by a surge in electric vehicle sales. Sanofi and Crédit Agricole, up 0.8% and 0.3%, respectively, are due to report on Friday.
The CAC 40 rose 1% to close at 7,970 on Thursday, reaching its highest level in a month after the ECB left interest rates unchanged, as expected. Policymakers maintained the deposit rate at 2.5% as they assessed inflation risks stemming from energy market disruptions following the US-Iran war. However, ECB officials remain prepared to raise rates in December if the inflation outlook fails to improve. France’s 10-year OAT yield slipped after the policy meeting.
Gains were broad-based amid the favorable backdrop and a fresh batch of corporate earnings. Société Générale rose 0.7% after beating earnings and revenue estimates. TotalEnergies gained 1.2% after exceeding third-quarter earnings expectations, supported by higher oil prices amid the Middle East conflict. Renault climbed 6.9% on resilient third-quarter revenue, driven by a surge in electric vehicle sales.
Sanofi and Crédit Agricole, up 0.8% and 0.3%, respectively, are due to report on Friday.