CAC 40 Rises On Earnings Optimism

(RTTNews) - French stocks rose sharply on Friday on the back of Brexit optimism and a slew of positive earnings updates.

Market participants ignored survey data showing that French business activity contracted in October amid a resurgence of the Covid-19 pandemic.

IHS Markit's flash composite Purchasing Managers Index (PMI) fell to a five-month low of 47.3 in October from 48.5 in September.

The benchmark CAC 40 rose 56 points, or 1.2 percent, to 4,908 after ending 0.1 percent lower in the previous session.

Renault gained 1.9 percent and Peugeot added 1.9 percent after German automaker Daimler lifted its 2020 profit outlook.

Banks BNP Paribas, Credit Agricole and Societe Generale climbed 2-3 percent after British lender Barclays reported stronger than expected third-quarter results.

L'Oreal, the company behind Maybelline cosmetics and Garnier shampoo, advanced 1.2 percent after it reported a return to growth in its fiscal third quarter.

Groupe ADP, an international airport operator, rose over 1 percent after updating its traffic forecast for 2020.

Industrial gases provider Air Liquide jumped 2.8 percent. The company sees 2020 net profit at almost the same level as the previous year.

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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