French stocks were sharply higher on Monday, as investors reacted to reports of possible U.S. tariff cut on China’s goods and improved Caixin Services PMI data for May from China.
The United States is mulling lifting some tariffs on China to fight inflation, U.S. Commerce Secretary Gina Raimondo told CNN in an interview on Sunday.
According to a private business survey, China’s services activity contracted for the third month in a row in May but pointed to a slow recovery in the world’s second-largest economy.
The benchmark CAC 40 jumped 78 points, or 1.2 percent, to 6,563 after closing 0.2 percent lower on Friday.
Banks topped the gainers list, with BNP Paribas, Credit Agricole and Societe Generale climbing 2-3 percent.
Luxury stocks also rallied amid signs that Beijing and the commercial hub Shanghai are returning to normal after two months of painful lockdowns. LVMH advanced 1.6 percent and Kering rose 1.3 percent.
Market Analysis
CAC 40 Rises On China Tariff Review Talk
2022-06-06 09:17:34
