CAC 40 Rallies As Investors Seek Bargains

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(RTTNews) – French stocks advanced on Tuesday as investors sought bargains following recent string of losses on worries about high inflation, rising interest rates and slowing global growth.

European government bond yields were slightly higher, with the German 10-year yield up 1 basis point at 1.1 percent.

The benchmark CAC 40 climbed 73 points, or 1.20 percent, to 6,159 after plummeting as much as 2.8 percent the previous day.

Renault was marginally higher. The car manufacturer said it would soon decide on the future of its operations in Russia due to the ongoing invasion of Ukraine.

Additionally, the company said it would sell just over a third of its Korea unit to China’s Geely Automobile Holdings for roughly $200 million.