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CAC 40 Rebounds Led By Banks

French stocks rebounded on Tuesday after suffering heavy losses in the previous session on worries about the impact on growth from spiking COVID-19 cases and high inflation.

U.S. President Joe Biden on Monday said an increase in inflation was expected to be temporary and he expects the Federal Reserve to take action if needed.

The benchmark CAC 40 index jumped 71 points, or 1.1 percent, to 6,367 after plunging 2.5 percent the previous day.

Banks advanced, with BNP Paribas, Credit Agricole and Societe Generale all climbing around 2 percent.

Alstom soared 3.3 percent. The speed-train maker reported that its first-quarter sales surged 146 percent to 3.7 billion euros from last year's 1.51 billion euros.

The company expects mid-term sales between 2021 and 2025 at compound annual growth rate over 5 percent supported by strong market momentum and unparalleled 74.5 billion euros backlog securing about 30 billion euros of sales over the next three years.

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