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


(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.

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