Markets

CAC 40 Climbs On EU Deal Optimism

(RTTNews) - French stocks advanced on Tuesday after EU leaders struck a deal on a €750 billion ($857 billion) coronavirus recovery fund and the bloc's long-term budget after four days of marathon talks in Brussels.

"A very long meeting has come to a good conclusion," German Chancellor Angela Merkel told a joint news conference with French President Emmanuel Macron.

Charles Michel, president of the European Council, described the negotiations as "a marathon which ended in success for all 27 member states, but especially for the people."

The benchmark CAC 40 index climbed 67 points, or 1.32 percent, to 5,160 after gaining half a percent on Monday.

Automakers Renault and Peugeot surged around 4 percent each.

Premium spirits maker Remy Cointreau SA shed 0.7 percent, giving up early gains. The company posted better-than-expected sales for the first quarter of its fiscal and raised its half-year guidance.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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