The CAC 40 climbed 1.91% to close at 7,266.01 on Wednesday, halting a four-session decline. The rebound was fueled by diminished concerns about economic contraction and a cautious statement from the Bank of Japan (BoJ) that limited equity selling from carry-trade unwinding. BoJ Deputy Governor Shinichi Uchida reassured markets that they wouldn’t raise interest rates during market instability.
The banking sector performed particularly well. BNP Paribas, Société Générale, and Credit Agricole saw increases of 2.3% to 3.3%. Other notable performers included Teleperformance, Schneider Electric, Vinci, Edenred, and TotalEnergies, whose shares climbed between 2.9% and 3.7%.
In domestic news, France’s trade deficit narrowed to €6.1 billion in June 2024, down from a revised €7.7 billion in May and better than the expected €7.5 billion. This marked the smallest trade deficit in three months. The improvement resulted from a 3.4% month-over-month increase in exports to €51.7 billion, while imports decreased by 0.2% to €57.8 billion.
(CAC 40 Index Six-month Chart)
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