CAC Modestly Higher; Bank Stocks Move Up
(RTTNews) - French stocks are edging higher Tuesday morning despite lingering doubts about the U.S. and China agreeing on a trade deal anytime soon after reports suggested the U.S. President is reluctant to roll back tariffs on Chinese goods.
Earlier on Monday, there were reports in Chinese media that official from the two countries were engaged in "constructive discussions" in a high-level phone call.
France's benchmark CAC 40 is up 20.20 points, or 0.34%, at 5,949.98.
On Monday, the index edged down 0.16%.
Accor is rising 2.6%. ArcelorMittal and Hermes International are gaining 2% and 1.8%, respectively. Michelin, Peugeot, Societe Generale, Credit Agricole, Renault and Kering are up 1 to 1.3%.
BNP Paribas, Saint Gobain, Airbus Group, Safran, Technip, AXA and Essilor are also up in positive territory.
In economic news, according to data released this morning, eurozone current account surplus stood at EUR 28 Billion in September, compared to EUR 29 billion a month earlier.
Data release by the European Automobile Manufacturers Association (ACEA) said Europe's passenger car sales increased to the highest October level on record since 2009.
Car registrations grew 8.7% from last year to reach 1.17 million units in October, the data showed.
The association said sales had declined 7.3% in the same period last year after the WLTP test came into effect, setting a low base of comparison for 2019.
Sales increased 12.7% in Germany and by 8.7% in France. Italy's sales climbed 6.7% and Spain's sales grew 6.3%, the report said.
During January to October, new-car registrations were down 0.7% from the first ten months of 2018. Although demand increased across the EU in September and October, Germany remained the only major European market to record growth so far in 2019.
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