French industrial production contracts, European stocks closed higher

Note: This section contains information in English only.
Source: Dukascopy Bank
"The overall manufacturing trend remains weak"
- Pierre-Olivier Beffy, chief economist at Exane BNP Paribas

French industrial production fell in March, said the national statistics office Insee on Thursday. Output contracted 0.9 per cent from February, when it gained 0.2 per cent. Manufacturing production rose 1.4 per cent.

"On the manufacturing front, a very modest increase can be seen following a weak beginning in the first quarter," said Pierre-Olivier Beffy, chief economist at Exane BNP Paribas in London. "The overall manufacturing trend remains weak."

European stocks rose on Thursday after companies from Deutsche Telekom AG to Repsol YPF SA announced higher than expected quarterly profits. The Stoxx Europe 600 Index gained 0.55 per cent to 251.10 and France's CAC 40 Index added 0.37 per cent. The U.K.'s FTSE 100 Index rose 0.25 per cent to 5,543.95.

"Earnings continue being very supportive," said Henk Potts, an equity strategist at Barclays Wealth in London. "They continue to beat estimates despite the very difficult environment. Corporate positions still look very bright and profitability very strong. Valuations are undemanding."

© Dukascopy Bank

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