CAC 40 Rallies As Bond Yields Drop On Relief At Election Results

2024-06-23 1282
(fxcue news) - French stocks rose sharply on Monday while bonds gained in a relief rally as the first round of voting left Le Pen's National Rally looking short of securing a majority in parliament. The benchmark CAC 40 was up 110 points, or 1.5 percent, at 7,589 after falling 0.7 percent on Friday. Banks rallied, with BNP Paribas, Credit Agricole and Societe Generale climbing 3-5 percent. Valneva jumped 5 percent. The European Commission (EC) has granted marketing authorization for the company's chikungunya vaccine IXCHIQ for individuals 18 years of age and older. Airbus climbed 2.4 percent after it entered into a binding term sheet agreement with Spirit AeroSystems in relation to a potential acquisition of major activities related to Airbus. Technology firm Atos was marginally lower after reaching a deal with creditors on debt restructure terms.
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