CAC 40 Edges Higher In Cautious Trade

(RTTNews) - French stocks rose on Monday after a private gauge of China's manufacturing activity rose in July to its highest level in more than nine years.

Closer home, latest PMI data pointed to another modest improvement in business conditions across the French manufacturing sector though new orders remained stagnant.

The IHS Markit's final purchasing managers' index (PMI) for July rose to 52.4 from 52.3 in June.

The benchmark CAC 40 rose 10 points, or 0.22 percent, to 4,794 after losing 1.4 percent on Friday.

Societe Generale tumbled 3.5 percent after the lender reported a 1.26 billion euro ($1.48 billion) second-quarter loss. BNP Paribas advanced 1.8 percent, while Credit Agricole edged down 0.2 percent.

Sanofi shares surged 7 percent after the U.S. agreed to spend $2.1 billion on a joint experimental Covid-19 vaccine from GlaxoSmithKline and Sanofi.

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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