CAC 40 Positive On Stimulus Hopes

French stocks were moving higher on Wednesday amid bets that Chinese policymakers will unveil additional stimulus to lessen the economic impact of a coronavirus break.

Investors shrugged off the results of a survey showing that growth in France's dominant services sector eased in January compared to December.

The benchmark CAC 40 was up 36 points, or 0.61 percent, at 5,971.

Train maker Alstom rose half a percent after it signed first contract for battery-electric regional trains in Germany. The contract is worth about 100 million euros.

Lender BNP Paribas eased slightly. The bank trimmed its outlook for 2020 after posting slightly better-than-expected profits for its fourth quarter.

Concessions and construction company Vinci SA rallied 2.2 percent. The company reported that its fiscal 2019 net income attributable to owners of the parent grew 9.3 percent to 3.26 billion euros from last year's 2.98 billion euros.

Oil & gas company Total SA added 0.9 percent as oil prices rose from a one-year low toward $50 a barrel on news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus.



by WooHoo Ireland


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