French stocks advanced on Monday as concerns about China’s regulatory crackdown eased and a survey showed French manufacturing activity remained robust in July, despite supply chain disruptions.
Eurozone July final Manufacturing PMI was finalized at 62.8 in July, down from June’s reading of 63.4 but above an initial 62.6 “flash” estimate after a record-breaking expansion during the second quarter.
Optimism around corporate earnings and progress on an U.S. infrastructure bill also boosted sentiment. The benchmark CAC 40 index jumped 54 points, or 0.8 percent, to 6,666 after closing 0.3 percent lower on Friday.
Cyclicals were in focus, with automaker Renault rallying as much as 3.6 percent.
In the banking sector, Credit Agricole advanced 1.3 percent and Societe Generale added 1 percent.
Axa climbed 3.7 percent as it reported higher revenues across its global insurance and reinsurance business, driven by improving pricing and market conditions.
Market Analysis
CAC 40 Gains On Earnings Optimism
2021-08-02 09:18:31
