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CAC 40 Rallies On Covid-19 Vaccine Hopes

French stocks rallied on Tuesday as more countries prepare easing restrictions on social, commercial and travel activities.

Growing optimism about a potential coronavirus vaccine also bolstered sentiment.

U.S. biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine and that it expects initial results on safety and immune responses in July.

The benchmark CAC 40 climbed 63 points, or 1.4 percent, to 4,603 after rising 2.2 percent the previous day.

Banks BNP Paribas, Credit Agricole and Societe Generale climbed around 4 percent each.

Renault jumped 5.5 percent and Peugeot surged 3.4 percent after President Emmanuel Macron said that support for the French car sector will be "massively amplified".

Shopping centre operator Klepierre SA climbed nearly 11 percent. The company announced that the vast majority of its shopping centers have reopened in Europe.

Travel stocks also remained in focus, with Air France KLM rallying as much as 11.5 percent amid easing travel bans across the world.

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