CAC Up Marginally

CAC Up Marginally

The French market is slightly higher on Wednesday with investors indulging in some selective buying, tracking fairly steady markets in the eurozone.

Besides corporate earnings reports from the eurozone, traders are also reacting to the latest batch of economic data.

The mood in the market is slightly cautious ahead of U.S. Federal Reserve’s monetary policy,

The benchmark CAC 40 is up 12 points or 0.23 percent at 5,532.49. The market was closed on Tuesday for Labour Day holiday.

ST Microelectronics is surging nearly 5 percent. Vivendi is adding 4.2 percent. Technip, Valeo, Accor, Bouygues, Peugeop, Kering and Michelin are advancing by 1 to 2 percent.

Veolia Environment, Atos, Danone and Legrand are down 0.4 to 1.2 percent.

In economic news, data from Eurostat showed the euro area unemployment rate to have remained unchanged in March, holding steady at 8.5 percent, the lowest since December 2008. The rate stood at 9.4 percent in March 2017.

The number of unemployed persons fell by 83,000 from previous month to 13.82 million in March. Compared to previous year, unemployment decreased by 1.414 million.

The unemployment rate among youth, aged under 25, slid to 17.3 percent in March from 17.5 percent in February.

In the EU28, the unemployment rate came in at 7.1 percent, unchanged from February. This was the lowest since September 2008.

Meanwhile, the preliminary flash estimate from Eurostat showed the euro area economy expanded at a slower pace in the first quarter, with gross domestic product growing 0.4 percent sequentially, slower than the 0.7 percent expansion seen in the fourth quarter. However, that was in line with expectations.

On a yearly basis, economic growth eased to 2.5 percent, as expected, from 2.8 percent in the fourth quarter.

In the EU28, GDP expanded 0.4 percent on quarter, taking the annual rate to 2.4 percent in the first quarter of 2018, the report showed.

by RTTNews Staff Writer

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