French stocks rise after left-wing coalition clinches surprise election win
Istanbul, July 8 (Hibya) - French stocks saw a significant rise on Monday, reflecting the market's reaction to the left's unforeseen triumph in the country’s parliamentary election.
The CAC 40 erased earlier losses to rise 0.5 percent by 10:00 a.m. London time (5 a.m. ET). The euro was flat against the dollar, and trading in bond markets was also relatively muted.
The U.K.’s FTSE 100 maintained its stability, while Germany’s DAX saw a 0.43 percent increase, and the FTSE MIB was up around 1 percent. The pan-European STOXX 600 was 0.3 percent in the green.
France’s left-wing New Popular Front won the most significant seats in this weekend’s parliamentary elections, scuppering an expected surge for the far-right.
It comes after a general election in Britain last week, in which the opposition Labour Party won a landslide victory, unseating the Conservatives after 14 years.
In corporate news, soft drinks maker Britvic has agreed on a takeover bid of £3.3 billion ($4.2 billion) from Carlsberg at an offer of 1,290 pence per Britvic share. This was an improved bid from Carlsberg, which first offered 1,200 pence per share but was rejected.
Facebook
Tweeter
Whatsapp
