French stocks traded higher on Monday as a surprise rate cut by China’s central bank saw investors expecting near-term improvement in economic momentum.
Investors also watched the latest U.S. political developments after President Joe Biden said he is standing down and will not run for re-election.
Biden offered his “full support and endorsement” for Vice-President Kamala Harris as the presidential nominee for the Democratic Party.
Upcoming U.S. GDP and inflation data along with earnings from companies like Alphabet and Tesla also remain on investors’ radar.
The benchmark CAC 40 was up 93 points, or 1.2 percent, at 7,627 after declining 0.7 percent on Friday.
In corporate news, Airbus SE shares rose about 1 percent. Media reports suggest that the aerospace major has listed eight potential site locations for setting up its final assembly line for the H125 helicopters in India.
China-linked Hermes International and LVMH rose 1-2 percent.
CAC 40 Rebounds As China Cuts Interest Rates
2024-07-22 09:12:11
