Markets

CAC 40 Up 107 Points On Hopes Of Covid-19 Treatment

(RTTNews) - French stocks rose sharply on Monday as hopes for a coronavirus treatment offset fears about a resurgence in virus cases across the continent.

Investor sentiment was boosted after U.S. regulators authorized the use of blood plasma from recovered patients as a treatment option for Covid-19.

The U.S. FDA's emergency authorization came on the eve of the Republican National Convention, where Donald Trump will be nominated to lead his party for four more years.

Investors also cheered a report in the Financial Times saying that the Trump administration is considering by-passing normal U.S. regulatory standards to fast-track an experimental coronavirus vaccine from the U.K. for use in America ahead of the nation's upcoming presidential election.

The benchmark CAC 40 index jumped 107 points, or 2.2 percent, to 5,003 after declining 0.3 percent on Friday.

Insurance firm Axa SA advanced 1.5 percent. The company has announced an agreement with India's Bharti Enterprises to combine their non-life insurance operations in India, Bharti AXA General Insurance Company Limited or Bharti AXA GI, into ICICI Lombard General Insurance Co. Ltd.

Air France KLM shares eased 0.6 percent after the U.K. government said travelers to France are required to self-certify that they are not suffering coronavirus symptoms or have been in contact with a confirmed case within 14 days preceding travel.

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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