The CAC 40 rose after the sale; Banks, automatic win

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(RTTNews) – French stocks rose 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.

Political unrest in Italy remained a 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 index rose 56 points, or 1%, to 5,971 after falling 1.4% on Thursday.

BNP Paribas, Crédit Agricole and Société Générale banks all traded more than 1%. Automaker Renault jumped 5.3% despite Europe’s passenger car registrations falling for the twelfth consecutive month in June.

New passenger car registrations fell 15.4% year-on-year in June, faster than the 11.2% plunge in May, as supply chain issues continue to hurt production, said Association of European Automobile Manufacturers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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