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CAC 40 Rebounds On Brexit Breakthrough Hopes

French stocks shrugged off a lackluster start to turn higher on Wednesday as focus shifted to corporate earnings and the Times newspaper said the European Union was ready to agree to a major concession in Brexit negotiations.

Meanwhile, the Bank of France today retained its growth forecast for the third quarter. According to the monthly survey, the economy is set to expand 0.3 percent in the third quarter, unchanged from the previous estimate.

Further, data showed that the manufacturing sentiment index dropped to 96 in September from 99 in August.

The benchmark CAC 40 was up 29 points, or 0.53 percent, at 5,485 after losing 1.2 percent in the previous session.

Banks traded mostly higher, with BNP Paribas rising half a percent and Societe Generale adding 0.3 percent.

Automaker Peugeot rose over 1 percent.

Elsewhere, Asian markets fell broadly as hopes for a resolution to the U.S.-China trade dispute faded, offsetting comments by Fed Chair Jerome Powell about expanding balance sheet.

U.S. stock index futures rose ahead of crucial trade talks set to begin on Thursday.

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