CAC 40 Sees Modest Gains After Last Week's Brutal Selloff

(RTTNews) - French stocks recovered some ground on Monday, after witnessing a brutal sell-off last week on concerns that a new government may worsen the country's fiscal situation and threaten the stability of the euro zone.

French government bonds won some respite after Marine Le Pen, the leader of the French far-right, said she would co-operate with President Emmanuel Macron if she wins the snap parliamentary election that begins later this month.

Also, European Central Bank policymakers reportedly said they had no plans to launch emergency purchases of French bonds to stabilize the market.

The benchmark CAC 40 was up 13 points, or 0.2 percent, at 7,516 after plummeting over 6 percent last week due to political uncertainty in the country.

China-linked Hermes, LVMH and Kering were moving lower after a slew of Chinese economic data underlined the country's bumpy recovery and the People's Bank of China (PBOC) left a key policy rate unchanged, disappointing some who had expected a rate cut following surprisingly soft bank lending data.

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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