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Market Update: Paris Stocks Outperform in Europe
The CAC 40 rebounded during the session to close 14 points or 0.2% higher at 6,666 on Thursday, marking the fifth consecutive day of gains above any level seen since September 2000. Investors remained optimistic about the pace of economic recovery and the prospects of a rebound in Q2 corporate results, against the Feds more hawkish hints. In national news, the French Finance Minister said there were no plans to hike tax rates, even as the government faces pressure to shrink its deficit to under 3% of GDP by 2027. On the corporate side, Stellantis rose 0.3% on news it had a hold of 22.4% of total car sales in Europe, last month. Car registrations in the old continent jumped 74% on an annual basis in May to 892 thousand registrations, still 25% below its 2019 levels. [/s2If]
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