BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks rose sharply on Monday after fatalities slowed in the European Union's biggest nations and some countries announced plans to start easing lockdown restrictions.
Italian government bond yields dropped as ratings agency S&P Global affirmed Italy's credit rating at 'BBB/A-2', while keeping the negative outlook because of the expected surge in public debt. The announcement helped calm worries about a potential junk rating for the euro zone's third largest economy.
S&P referred amongst other things to the ECB's financing backstop which keeps debt refinancing costs low and manageable.
The benchmark CAC 40 climbed 71 points, or 1.58 percent, to 4,462 after closing 1.3 percent lower on Friday.
Banks led the surge, with BNP Paribas, Credit Agricole and Societe Generale rising 3-5 percent.
Air France-KLM shares jumped 3 percent. The company said it engaged in talks with the French and Dutch governments regarding the implementation of specific aid measures that would enable them to maintain their solvency.
Total SA was moving lower as oil prices edged lower on signs that worldwide oil storage is filling rapidly.
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