CAC 40 Rises On Vaccine Optimism

(RTTNews) - French stocks were moving higher on Wednesday after biotech firm Moderna said its experimental vaccine for Covid-19, mRNA-1273, showed it was safe and produced strong immune responses in all 45 patients in an ongoing early-stage human trial.

Investors also looked ahead to a special EU summit on July 17 and 18 in Brussels, with reports suggesting that Germany is willing to compromise on the European recovery fund that will limit the economic damage to the bloc from the pandemic.

EU leaders are expected to agree on a recovery fund of 750 billion euros for pandemic-hammered economies.

The European Central Bank meeting is coming up on Thursday with little change expected.

The benchmark CAC 40 rose by 45 points, or 0.89 percent, to 5,051 after declining 1 percent in the previous session.

Travel & leisure stocks were rising, with Franco-Dutch airline Air France KLM moving up 1.4 percent.

Automaker Renault climbed 3.4 percent while banks declined. BNP Paribas dropped 0.4 percent, Credit Agricole fell 1.1 percent and Societe Generale shed 0.6 percent.

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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