Markets

CAC 40 Rises Led By Automakers

(RTTNews) - French stocks rose on Friday as investors sought bargains in beaten-down stocks.

As Brexit talks hang in balance, the European Council issued a statement saying that the EU and the U.K. should continue negotiating in coming weeks to reach an agreement.

On the Covid-19 front, President Emmanuel Macron announced the introduction of a curfew in the region of Ile-de-France and eight other cities around the country, which will come into effect from midnight tonight. The WHO has described the situation in Europe as "very worrying".

The benchmark CAC 40 climbed 65 points, or 1.3 percent, to 4,902 after losing 2.1 percent the previous day.

Banks were broadly lower, with Societe Generale losing nearly 1 percent.

LVMH surged 6.3 percent after the luxury-goods maker saw demand rebound in the third quarter.

Remy Cointreau Group rose about 1 percent after it acquired a majority stake in Champagne J. de Telmont, including its brands, inventory, production facilities and property assets on its estate as well as vineyards in the Champagne region.

Renault jumped 4.3 percent and Peugeot rallied 3.2 percent after industry data showed car registrations across the European Union grew 3.1 percent on a yearly basis to 933,987 units in September.

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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