Markets

CAC 40 Trades Higher

(RTTNews) - French stocks recovered from an early slide to trade higher as some positive corporate news offset coronavirus worries.

Meanwhile, investors await any new developments on the U.S. stimulus package ahead of the upcoming U.S. presidential election.

Europe is facing record Covid-19 cases and majority of countries are taking new lockdown restrictions.

On Monday, the French government announced its plan to expand aid measures to help small businesses hit by the coronavirus pandemic with a 20 billion euros scheme of quasi-equity loans.

The benchmark CAC 40 index was up 19 points, or 0.4 percent, at 4949 after declining 0.1 percent in the previous session.

Among other European markets, the pan European Stoxx 600 traded 0.04 percent higher, and the U.K.'s FTSE 100 gained 0.2 percent, while German DAX edged down 0.4 percent.

On the corporate front, French wine and spirits company Remy Cointreau now expects first-half core profit to decline less than expected earlier after it reported significant sequential improvement in its second quarter with strong demand for its premium cognac. Shares dropped 2.1 percent after the company reported weak sales in its second quarter.

Airplane maker Airbus shares gained 2.1 percent, aerospace company Safran shares increased 1.6 percent, and Schneider Electric shares jumped 1.2 percent. Industrial group Legrand shares gained 1.5 percent.

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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