{"id":10243,"date":"2021-05-28T09:12:29","date_gmt":"2021-05-28T09:12:29","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/05\/28\/cac-40-rises-with-bidens-first-budget-in-focus\/"},"modified":"2021-05-28T09:12:29","modified_gmt":"2021-05-28T09:12:29","slug":"cac-40-rises-with-bidens-first-budget-in-focus","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/05\/28\/cac-40-rises-with-bidens-first-budget-in-focus\/","title":{"rendered":"CAC 40 Rises With Biden’s First Budget In Focus"},"content":{"rendered":"
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French stocks rose on Friday after reports said U.S. President Joe Biden will seek $6trillion in federal spending plans for 2022. Biden is expected to unveil his first full budget later in the day.<\/p>\n

Investors also wait for an update on the personal-consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, amid concerns that a higher-than-expected figure could force the U.S. Federal Reserve to tighten its monetary policy.<\/p>\n

Rate hike worries persist despite reassurances from several Fed officials that the U.S. central bank is in no hurry to do that.<\/p>\n

The benchmark CAC 40 edged up 26 points, or 0.4 percent, to 6,462 after gaining 0.7 percent the previous day. <\/p>\n

Banks were broadly higher, with Credit Agricole rallying 1.7 percent and Societe Generale rising half a percent. Automaker Renault advanced 0.8 percent. <\/p>\n

In economic releases, France’s consumer price inflation accelerated to 1.4 percent in May from 1.2 percent in April, flash data from statistical office Insee revealed.<\/p>\n

The rate came in line with economists’ expectations and a similar higher rate was last reported in February 2020.<\/p>\n

The French economy<\/span> contracted 0.1 percent in the first quarter of 2021, revised official data showed, marking a slip into recession as construction had fared worse than previously estimated. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div><\/div>\n