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CAC 40 Slides In Cautious Trade

French stocks were moving lower on Monday, with concerns about rising coronavirus infections and a worsening U.S.-China spat over Taiwan's status at the World Health Assembly (WHA) weighing on sentiment.

The downside, however, remained limited after U.S. President-elect Joe Biden pledged a massive stimulus package for the economy.

Biden said that "trillions" in U.S. fiscal stimulus measures would be unveiled this week, which includes $2,000 direct payments to Americans and aid for small businesses.

The benchmark CAC 40 index dropped 34 points, or 0.6 percent, to 5,673 after climbing 0.7 percent on Friday.

Euronext shares dropped half a percent. The stock exchange operator said it had resolved a technical glitch in index derivatives trading.

Sanofi gained 0.8 percent. The pharmaceutical company has agreed to acquire Kymab for an upfront payment of approximately $1.1 billion and up to $350 million upon achievement of certain milestones.

Petroleum refining company Total declined 1.3 percent after announcing the acquisition of Fonroche Biogaz, a company that designs, builds and operates anaerobic digestion units in France.

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