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CAC 40 Rises Amid Recovery Hopes

French stocks were sharply higher on Monday as investors bet on vaccine-led recovery this year.

Johnson & Johnson's single-shot Covid-19 vaccine received emergency use authorization from the FDA on Saturday, paving the way for its distribution.

On the stimulus front, U.S. President Joe Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package early Saturday.

The stimulus bill now moves to Senate floor for debate, where a vote could happen as early as next week.

The benchmark CAC 40 jumped 93 points, or 1.6 percent, to 5,796 after declining 1.4 percent on Friday.

Danone SA shares rallied 2.3 percent. The food company has reached an agreement with COFCO Dairy Investments Limited to convert Danone's stake in China Mengniu Dairy Co. Ltd., currently held indirectly, into a direct holding.

Mengniu is a Chinese manufacturing and distribution company of dairy products, in which Danone first became a shareholder in 2013.

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