BRUSSELS (dpa-AFX) - French stocks climbed notably higher on Tuesday, rebounding from previous session's losses, despite lingering concerns over the nation's fiscal woes and political uncertainty. Lower oil prices and bond yields helped lift sentiment.
Brent crude futures fell to $97.91 a barrel, before recovering to $98.14, still down as much as 2.2% from previous close. The yield on France's 10-year government bond dropped to 4.751% this morning.
Stocks from across several sectors posted strong gains thanks to sustained buying right from the start.
The benchmark CAC 40, which climbed to 7,916.71 earlier in the day, was up 53.35 points or 0.68% at 7,887.45 nearly an hour past noon.
Stellantis moved up 3.7%. Eurofins Scientific and Societe Generale climbed 3.5% and 3.3%, respectively. Saint-Gobain, Legrand, BNP Paribas, ArcelorMittal, Veolia Environment, STMicroelectronics, Capgemini and Vinci advanced 2%-3%.
Engie, Sanofi, AXA, Danone, Eiffage, Credit Agricole, Unibail Rodamco, Pernod Ricard, Carrefour, Orange, Kering, Accor, Publicis Groupe, Bureau Veritas, LVMH and Bouygues gained 1%-1.9%.
Among the losers, Schneider Electric dropped nearly 3%. Shelly Group SE, a Bulgaria-based IoT and smart building solutions provider, announced that its board supports the takeover offer from the French energy technology major.
Thales shed about 2.2%, while TotalEnergies, Air Liquide, Renault and Airbus lost 0.4%-1%.
Data from INSEE showed industrial production in France fell 0.3% month-on-month in August, defying expectations for a 0.3% rise and following a 0.6% decline in July. On a yearly basis, industrial output rose 0.3%, rebounding from a 0.6% fall in July. Over the three months to August, industrial production was down 0.1% from a year earlier.
A report from S&P Global showed the S&P Global France Construction PMI rose to 39.8 in September from 37.3 in August, remaining well below the 50 threshold, signaling a continued sector-wide downturn.
Another data showed, France's state budget deficit widened to EUR 159.6 billion in the January-August period from EUR 157.5 billion a year earlier. Expenditure rose 4.4% year-on-year to EUR 362.97 billion.
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