The CAC 40 progresses under the impetus of the banks

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(RTTNews) – French stocks rose on Monday as earnings optimism outweighed lingering worries about a tough macro environment.

Asian manufacturing output continued to weaken in July amid continued supply chain complications and a slowing global economy, according to a series of surveys earlier in the day.

Moreover, factory activity in the euro zone contracted in July, adding to fears that the bloc could slide into recession. The region’s manufacturing PMI fell to 49.8 from 52.1 in June, S&P Global said.

French manufacturing activity also contracted more than expected in July.

The benchmark CAC 40 index gained 18 points, or 0.3%, to 6.46 after gaining 1.7% on Friday.

Banks BNP Paribas, Credit Agricole and Societe Generale rose between 0.5% and 1.4% after HSBC Holdings posted better-than-expected profits.

Vinci was down 0.8% after agreeing to buy Fintech Advisory Inc.’s 30% stake in Mexican airport operator Grupo Aeroportuario del Centro Norte SAB.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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