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CAC 40 Rises As Traders Pare Fed Hike Bets

French stocks climbed on Friday to extend gains from the previous session, the dollar moved lower and U.S. Treasury yields softened amid signs that the Federal Reserve might slow or even pause its tightening cycle in the second half of the year.

Cautious comments by some Fed policymakers including Atlanta Fed President Raphael Bostic this week and the latest FOMC meeting minutes suggesting a flexible approach on rates prompted traders to lower rate hike expectations.

The benchmark CAC 40 jumped 48 points, or 0.7 percent, to 6,458 after rallying 1.8 percent the previous day.

Saint-Gobain shares rose about 1 percent. The company has entered into agreements for the sale of its glass processing businesses Eckelt Glas and Glas Ziegler in Austria to the privately-owned German group AEQUITA, as well as the sale of its holding in the co-venture Glaskontor Erfurt - a glass processing business in Germany - to the CALEOGLAS Group.

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