FX.co ★ CAC 40 Gains On US Rate Cut Optimism

French stock markets experienced a modest increase on Monday due to renewed optimism about potential interest rate cuts. This optimism was sparked by the recent announcement of weaker U.S. job data than anticipated last Friday. Another factor bolstering market morale was the latest PMI data by S&P Global indicating that the French service economy had commenced the second quarter of 2023 on a growth trajectory.

The principal French stock market index, the CAC 40, increased by 21 points or 0.3% to hit 7,978 — this followed a growth of half a percent registered last Friday.

In business news, the IT firm Atos saw a downturn of 5.4% in its stock value. This happened after the company announced that it was considering four independent proposals to rescue the firm from a troubling debt situation.

Conversely, TotalEnergies experienced an approximate 1% increase in stock value, driven by escalating oil prices due to rising tensions in Gaza and Saudi Arabia's decision to increase crude oil prices for most regions in June.

Lastly, Eutelsat, the satellite operator, witnessed a 1.4% decrease in its stock. The company confirmed that it is contemplating various options concerning its ground station network.