BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were sharply higher on Thursday as the euro continued to weaken and the government said it will unveil a €100 billion stimulus package, representing 4 percent on French GDP, to kick start the economy hit hard by the global Covid-19 health crisis.
Meanwhile, investors shrugged off survey data showing that the country's business activity growth eased in August compared with the previous month.
Data compiler IHS Markit said its purchasing managers index (PMI) for the services sector fell to 51.5 points from 57.3 points in August. The overall composite PMI index, which includes the services and manufacturing sectors, dropped to 51.6 points from 57.3 in July.
The benchmark CAC 40 index rose 90 points, or 1.8 percent, to 5,122 after climbing 1.9 percent in the previous session.
Sanofi shares rose 0.8 percent. The French drugmaker and its British peer GlaxoSmithKline announced the start of Phase 1/2 clinical trial for their adjuvanted Covid-19 vaccine, with total of 440 healthy adults being enrolled across 11 investigational sites in the United States.
Capgemini SE rallied 2.4 percent. The consulting and IT services provider projected revenue growth at constant exchange rates of between 12.5 percent and 14.0 percent for 2020.
Copyright RTT News/dpa-AFX