French stocks traded higher on Wednesday as traders increased bets that the European Central Bank will cut interest rates by another 25 basis points on Oct. 17 due to falling inflation and weak economic activity in the region.
The dollar held onto its big gains in a week as Iran’s missile attack on Israel drove the buying of safe-haven assets.
The benchmark CAC 40 was up 45 points, or 0.6 percent, at 7,619 after losing 0.8 percent the previous day.
In corporate news, TotalEnergies jumped 3.4 percent as oil extended an overnight rally on concerns that Middle East tensions could escalate and potentially disrupt crude output from the region.
Also, the company has announced the final investment decision for the GranMorgu development located on offshore Block 58 in the Republic of Suriname with total investment of around $10.5 billion.
CAC 40 Gains On Rate Cut Bets
2024-10-02 09:05:22
