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CAC 40 Inches Higher In Lackluster Trade

French stocks were modestly higher on Thursday as investors awaited the details of the stimulus plan to be unveiled by U.S. President-elect Joe Biden later in the day.

The package is expected to include $2,000 in stimulus checks, funding to state and local governments and other emergency spending measures. CNN reported that Biden is mulling huge spending package worth about $2 trillion.

Also, Fed Chairman Jerome Powell will speak later in the day, with investors awaiting any clues on tapering of the asset purchase program.

The benchmark CAC 40 edged up 0.2 percent to 5,673 after rising 0.2 percent the previous day.

Carrefour shares slumped 7 percent after the French government signaled initial opposition to Canadian convenience-store operator Alimentation Couche-Tard Inc. buying the company.

Groupe Renault tumbled 3.4 percent. The automaker increased its cost-savings target and plans to reduce vehicle productions to focus on electric vehicles.

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