CAC Modestly Higher; Renault Up After Announcing Stake Sale In Brazil Venture

RTTNews | 10h 34min ago
CAC Modestly Higher; Renault Up After Announcing Stake Sale In Brazil Venture

(RTTNews) - French stocks are modestly higher on Monday with investors continuing to digest the latest quarterly earnings, and reacting to the data showing an improvement in the nation's manufacturing activity in the month of October.

The benchmark CAC 40 was up 19.80 points or about 0.25% at 8,140.87 a few minutes ago.

Renault is gaining more than 3%. The French automaker said it would sell a 26.4 percent stake in its Brazilian business, Renault do Brasil, to Chinese automaker Geely Automobile.

Stellantis is rising 2.75% and Edenred is advancing 2.15%. Michelin and Orange are up 1.8% and 1.7%, respectively.

LVMH, Engie, Thales, Societe Generale, AXA, Euronext, Kering, Accor and Eurofins Scientific are also up with notable gains.

Capgemini is down 1.9%. BNP Paribas is declining 1.3%, while Carrefour, Saint Gobain, Unibail Rodamco and Danone are down with modest losses.

Data from S&P Global showed France's HCOB Manufacturing PMI rose to 48.8 in October from 48.2 in September, continuing to contract, but at a softer pace.

The HCOB Eurozone Manufacturing PMI was confirmed at 50.0 in October, up slightly from 49.8 in September, after a modest deterioration in the previous month.

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