French stocks advanced on Wednesday amid expectations that the U.S. Federal Reserve will repeat its dovish message at the end of its two-ay policy meeting later today.
Market participants expect that Fed Chair Jerome Powell will remain ultra-dovish and emphasize the long period ahead in which the Fed plans to maintain loose monetary policy.
The benchmark CAC 40 rose 21 points, or 0.3 percent, to 6,295 after finishing marginally lower on Tuesday.
Banks BNP Paribas, Credit Agricole and Societe Generale rose between 0.9 percent and 1.7 percent following strong earnings results from peers Deutsche Bank and Lloyds Banking Group.
Drug maker Sanofi gained nearly 2 percent after confirming its 2021 targets.
In economic releases, France’s consumer confidence remained unchanged in April, defying expectations for an easing, preliminary data from the statistical office INSEE showed.
The consumer confidence index reading was 94.0, same as in March. Economists had expected 93.0. In February, the score was 91.
Market Analysis
CAC 40 Rises Led By Banks
2021-04-28 09:11:35
