Amid a broader uptick in global shares, the French Stock Market experienced a notable lift. On Thursday, the CAC 40 index ascended by 1.9%, finishing at 7,062 points. Investors’ growing confidence that interest rate hikes might halt this year was bolstered by the Federal Reserve’s mild outlook and the Bank of England’s decision to maintain the principal rate at 5.25%. This sentiment was further supported by a general deceleration in inflation and economic growth.
Corporate Movements Boost Local Index
On the home front, technology firm Atos saw a 1.3% rise after its industry counterpart OnePoint acquired a substantial 10% share in the company. Additionally, Technip Energies delighted the market with its third-quarter revenue surpassing expectations, despite a slowdown in its order influx. The positive wave swept nearly all constituents of the CAC 40 index, with real estate heavyweight Unibail-Rodamco-Westfield taking the lead, witnessing a 7.2% surge. STMicroelectronics also enjoyed a 4.3% increase, following Qualcomm’s projection of higher than anticipated fourth-quarter revenue and profits. Moreover, prominent luxury brands LVMH and Kering experienced significant gains of 3.8% and 3.7%, adding to the French Stock Market’s robust performance.