French stocks edged higher in lackluster trade on Wednesday, with luxury stocks leading the surge.
A cautious undertone prevailed after U.S. Treasury yields hit fresh two-year highs amid Fed rate hike expectations.
Benchmark German debt yields turned positive for the first time since before the pandemic as markets braced for a coordinated monetary policy tightening globally.
The benchmark CAC 40 rose 12 points, or 0.2 percent, to 7,146 after declining 0.9 percent in the previous session.
Luxury goods company LVMH advanced 2.6 percent, Kering added 2.7 percent and Hermes rose about 2 percent after Switzerland’s Richemont said revenue climbed 32 percent at constant currencies in the last quarter.
The world’s second-largest luxury group reported strong demand for jewelry and watches.
CAC 40 Edges Higher In Cautious Trade
2022-01-19 09:13:25
