French stocks advanced on Friday after two Fed officials signaled support for a second straight 75-basis-point rate hike at the U.S. central bank’s policy meeting later this month, alleviating some fears of a 100-basis point hike.
Italy’s political turmoil remained in focus after President Sergio Mattarella rejected Prime Minister Mario Draghi’s resignation and asked him to address parliament next week to get a clearer picture of the political situation.
The benchmark CAC 40 rose 56 points, or 1 percent, to 5,971 after declining 1.4 percent on Thursday.
Banks BNP Paribas, Credit Agricole and Societe Generale all traded up over 1 percent.
Automaker Renault soared 5.3 percent despite European passenger car registrations declining for the twelfth successive month in June.
Registrations of new passenger cars decreased 15.4 percent year-over-year in June, faster than the 11.2 percent fall in May, as supply chain issues continue to hurt production, the European Automobile Manufacturers’ Association said.
Market Analysis
CAC 40 Rises After Selloff; Banks, Auto Gain
2022-07-15 09:13:27
