French stocks advanced on Thursday after the U.S. Federal Reserve announced its widely expected decision to begin tapering its bond purchases in November, but signaled “patience” in raising interest rates.
Investors, meanwhile, shrugged off data from a purchasing mangers’ survey showing that growth in the euro zone services sector slowed in October.
The final reading for the Eurozone’s services PMI came in at 54.6 in October, well below the 56.4 registered in September and marginally lower than the 54.7 preliminary estimate.
The benchmark CAC 40 was up 34 points, or half a percent, at 6,984 after closing 0.3 percent higher in the previous session.
Societe Generale rallied 3.3 percent. The lender posted better-than-expected earnings for the third quarter and also appointed a new financial chief.
Shares of Veolia Environnement jumped 3.1 percent. The resource management firm confirmed its fiscal 2021 EBITDA view after reporting higher third-quarter results.
Market Analysis
CAC 40 Inches Higher In Cautious Trade
2021-11-04 09:25:22
