BRUSSELS (dpa-AFX) - Despite an escalation in tensions in the Middle East and concerns about rising oil prices, inflation and interest rates, France's equity benchmark CAC 40 moved firmly higher Wednesday morning as stocks climbed up thanks to fairly strong earnings updates from some top companies in Europe.
In addition to following geopolitical news and tracking earnings updates, investors awaited the European Central Bank's monetary policy announcement on Thursday.
Brent crude futures were up $4.00 or 4.41% at $95.02 a little while ago. Oil prices moved higher after the U.S. military carried out its 11th consecutive night of strikes against Iran and President Trump vowed to bomb Pickaxe Mountain.
Iranian media reported explosions in Bushehr, home to the Iranian nuclear power plant.
The CAC 40, which climbed to 8,454.94 earlier in the day, was up 61.00 points or 0.73% at 8,424.14 a little while ago.
Airbus rallied nearly 6%. The aerospace group announced a €5 billion share buyback program to be carried out over the next three years and reaffirmed its earlier announced fiscal 2026 outlook of around 870 commercial aircraft deliveries and adjusted EBIT of around 7.5 billion euros.
TotalEnergies gained about 2%, riding on higher crude oil prices. Engie also moved up nearly 2%. Veolia Environment, Pernod Ricard, AXA and Thales gained 1%-1.3%.
BNP Paribas advanced nearly 1%. Unibail Rodamco, Sanofi, Bouygues, Vinci, Societe Generale, Saint Gobain, Renault, Stellantis, Carrefour, Michelin and Orange gained 0.5%-0.9%.
Danone dropped nearly 2%. Capgemini and Dassault Systemes eased by 1.2% and 1.1%, respectively. Hermes International, Kering, Euronext, Eurofins Scientific, ArcelorMittal, Accor, LVMH and Legrand lost 0.4%-0.9%.
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