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CAC 40 Edges Higher Led By Banks

French stocks were moving higher on Wednesday amid hopes for a quicker economic recovery from the pandemic-led recession.

A measure of French business activity fell to a three-month low in February as Covid-19 restrictions weighed on the dominant service sector, a survey showed earlier today.

Data compiler IHS Markit said its Purchasing Managers' Index dropped last month to 47.0 from 47.7 in January. That was up from an initial reading of 45.2.

Weakness was centered on services, where businesses are most hindered by restrictions related to the pandemic.

The benchmark CAC 40 was up 51 points, or 0.9 percent, at 5,861 after closing up 0.3 percent in the previous session.

Banks rallied, with BNP Paribas, Credit Agricole and Societe Generale climbing 2-3 percent.

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