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CAC 40 Rallies Led By Financials

French shares rallied on Monday as concerns over North Korea eased and experts reduced damage estimates from Hurricane Irma in the United States.

The destructive storm has been downgraded to category 1 as it moved over the western Florida peninsula.

The benchmark CAC 40 was up 61 points or 1.19 percent at 5,174 in late opening deals after ending little changed with a negative bias on Friday.

Reinsurer Scor rallied 3 percent on expectations that payouts for damage caused by Irma may be lower than initially feared.

Banks BNP Paribas, Credit Agricole and Societe Generale rose 1-2 percent.

Sanofi shares advanced 0.7 percent. The drug giant and Regeneron Pharmaceuticals, Inc. have announced that their biotech drug dupilumab to treat severe asthma has met its two primary endpoints in a late-stage Phase III clinical study.

Auto parts supplier Valeo edged up 0.2 percent after it offered the European Commission antitrust fixes for its proposed €819.3 million acquisition of German clutch manufacturer FTE Automotive Group from Bain's private equity arm.

On the economic front, the French economy is expected to grow at a steady pace, as previously projected, in the third quarter, according to survey data published by Bank of France.

GDP is forecast to expand 0.5 percent, in line with the second estimate, and the same as in the second quarter.

by RTTNews Staff Writer

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