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CAC 40 Edges Higher On Growth Optimism

French stocks rose on Monday amid signs that Europe's economy is roaring back from the coronavirus crisis despite new infections.

The benchmark CAC 40 edged up 22 points, or 0.3 percent, to 6,685 after losing 0.3 percent on Friday.

Cyclicals moved higher on hopes that a strong euro zone economic recovery would outweigh risks from a global slowdown.

Lender BNP Paribas rose 0.8 percent and Credit Agricole added 0.6 percent.

Automaker Renault climbed 1.2 percent.

Valneva shares plunged 30 percent. The U.K. government is cancelling a vaccine supply contract with the French biotech company, alleging a breach of obligations that Valneva denies.

The dollar traded firm in European trading ahead of a crucial U.S. consumer price reading due later this week.

U.S. producer prices released on Friday showed inflation pressure, leading to the biggest annual gain in nearly 11 years.

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