BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were moving higher on Wednesday as the number of new coronavirus cases slowed in China, easing some concerns about its economic impact.
According to data through Monday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 31. China stimulus hopes and recent signs of strength in the world's largest economy also offered some support.
Federal Reserve Chair Jerome Powell told Congress on Tuesday that the U.S. economy is in a good place, despite a potential threat from the coronavirus outbreak in China. The benchmark CAC 40 was up 26 points, or 0.42 percent, at 6,080.
Luxury goods company Kering rallied 3 percent. The company's net profit for 2019 fell on one-offs, but fourth-quarter revenue grew 11 percent on a comparable basis.
Automakers, which depend heavily on Chinese demand for their exports, were moving higher. Renault advanced 1.4 percent and Peugeot gained 2 percent.
Copyright RTT News/dpa-AFX