CAC 40 Rallies On Strong Earnings

(RTTNews) - French stocks advanced on Thursday as a slew of upbeat corporate earnings helped investors shrug off lingering uncertainty over the Federal Reserve's rate trajectory. The benchmark CAC 40 was up 70 points, or 0.9 percent, at 7,747 after climbing 0.7 percent the previous day.

Automaker Renault jumped 5.4 percent after it bounced back into profit in 2023 and posted margin and revenue gains.

Spirits maker Pernod Ricard soared 5.7 percent. The company cut its sales guidance for fiscal 2024 but predicted improved demand in key Chinese and U.S. markets from the second half.

Schneider Electric rallied 3.3 percent after lifting dividend and predicting increased revenue and earnings this year.

Jet engine maker Safran added 3.6 percent after reporting higher revenue and operating profit for 2023.