French Market Rises Modestly

By RTT News, 

( - The French market is trading higher on Thursday, after Eurozone April industrial production growth topped expectations. Traders chose to exercise caution ahead of jobless claims and retail sales data from the U.S.

Euro area industrial production grew at a faster-than-expected pace in April, staging a strong rebound from March's slump, data from Eurostat showed.

Industrial production rose a seasonally adjusted 0.8 percent from March, when it fell 0.4 percent, which was revised from a 0.3 percent decline. Economists had forecast a 0.5 percent increase for April.

Wholesale prices in Germany declined at a slower year-over-year rate in May, a report from Destatis showed. Wholesale prices fell 0.9 percent in May over last year, following a 1.3 percent decline in April.

France's EU measure of inflation was stable in May, in line with economists' expectations, figures from the statistical office INSEE revealed.

The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.9 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.08 percent.

The CAC 40 index is currently adding 0.3 percent.

Bouygues is gaining 4.7 percent. Siemens and Japan'sMitsubishi Heavy Industries Ltd. are said to be mulling a 7.2 billion euros offer for the energy assets of Alstom, which is up 0.5 percent.

Veolia Environnement and EDF are up 1.6 percent and 1.4 percent, respectively.

Jefferies cut Air France-KLM to ''Underperform'' from ''Hold.'' The stock is losing 1.1 percent.

Other major markets in the region are trading mixed. The Asian stocks fell broadly as investors weighed valuations and awaited a slew of U.S. and Chinese data for further direction, following the World Bank's reduction of its global growth forecast.

In the U.S., futures point to a slightly higher open. In the previous session, stocks edged lower, with the Dow breaking a four-day string of record closing highs, after the World Bank cut its global growth forecast. The Dow shed 0.6 percent, the Nasdaq slipped 0.1 percent and the S&P 500 slid 0.4 percent.

Crude for July delivery is advancing $1.04 to $105.44 per barrel, while gold is rising $1.2 to $1262.4 a troy ounce.

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This article appears in: News Headlines

Referenced Stocks: SIEGY , VE

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