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CAC 40 Up 86 Points On Recovery Hopes

French stocks rose sharply on Thursday after strong manufacturing PMI data across the global indicated an economic recovery.

Promising results from a Covid-19 vaccine trial and optimism about fresh stimulus also bolstered investor sentiment.

The benchmark CAC 40 climbed 86 points, or 1.76 percent, to 5,014 after ending down 0.2 percent the previous day.

Automaker Renault surged 4.5 percent and Peugeot added 3.8 percent.

Banks BNP Paribas, Credit Agricole and Societe Generale were up 4-5 percent.

Electric utility Engie rallied nearly 4 percent. The company has agreed to sell 49 percent equity interest in a 2.3 GW US renewables portfolio to Hannon Armstrong. Engie will retain a controlling share in the portfolio and continue to manage the assets.

Travel and leisure stocks were rising, with Air France KLM up 4 percent. Luxury conglomerate LVMH rose 1.4 percent.

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