CAC 40 Gains As Banking Worries Ebb

French stocks opened higher on Wednesday after top U.S. finance officials pledged to use all tools for any size institution, as needed, to keep the financial system safe and sound.

The regulators defended decisions they made both before and after the collapse of SVB, noting the bank failed because its management failed to appropriately address clear interest rate risks and clear liquidity risks.

The benchmark CAC 40 was up 67 points, or 1 percent, at 7,156 after closing 0.1 percent higher on Tuesday.

Among the top gainers, AXA, Arcelor Mittal, Kering, Louis Vuitton, Publicis Groupe all rose around 2 percent.

Banks BNP Paribas, Credit Agricole and Societe Generale were up around 1 percent each.

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