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CAC 40 Gains On Economic Recovery Hopes

French stocks were moving higher on Thursday after Federal Reserve Chair Jerome Powell downplayed the risks of inflation and reaffirmed his view that the world's largest economy needs support.

Promising new data on Johnson & Johnson's coronavirus vaccine also boosted hopes for a faster economic recovery.

The benchmark CAC 40 was up 26 points, or half a percent, at 5,824 after rising 0.3 percent in the previous session.

Banks paced the gainers, with BNP Paribas, Credit Agricole and Societe Generale climbing 1-2 percent.

Insurance giant AXA gained 2.7 percent despite reporting a fall in underlying earnings for 2020.

Resource management firm Veolia Environnement rallied 2 percent. The company plans to achieve strong growth in its results in 2021 and expects to recover the pre-crisis dividend policy.

Aerospace company Safran dropped 1.3 percent after reporting a fall in FY20 profit.

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