French stocks were moving higher on Thursday as U.S. President Joe Biden’s $2.3 trillion infrastructure plan boosted the prospects of a faster recovery in the world’s largest economy.
Biden’s multitrillion-dollar proposal includes funding for bridges, roads and water projects and expansion of broadband access and domestic chip production.
The plan would increase the corporate tax rate to 28 percent from 21 percent to pay for the package.
Finalized manufacturing PMI figures were in focus as President Emmanuel Macron ordered France into its third national lockdown.
IHS Markit said its final purchasing managers’ index for manufacturers rose to 59.3 in March from 56.1 in February to hit the highest point since September 2000.
The benchmark CAC 40 index rose 27 points, or 0.4 percent, to 6,094 after losing 0.3 percent in the previous session.
Sodexo shares were down half a percent despite the catering company reporting a large beat on its first-half profit margin.
Vinci surged nearly 3 percent. The construction company has signed an agreement to acquire ACS’s energy business, as part of its strategic move to create a global player in energy contracting and to develop renewables projects.
CAC 40 Edges Higher On Recovery Hopes
2021-04-01 09:29:29
