BRUSSELS (dpa-AFX) - French stocks are extending recent gains and are up firmly in positive territory on Monday with the benchmark CAC 40 rising to a near six-week high, cheering the U.S.-China agreement on tariffs.
The world's largest and the second-largest economies of the world have agreed to suspend most tariffs on each other's goods for 90 days, and slash rates going forward.
As per the announcement by the two countries, the U.S. tariffs on Chinese goods will fall to 30% from 145% while Chinese duties on U.S. imports will fall to 10% from 125%.
The benchmark CAC 40 was up 99.55 points or 1.29% at 7,843.20 a few minutes ago.
Stellantis is rising nearly 7%. LVMH, STMicroElectronics and Kering are gaining 6 to 6.5%. ArcelorMittal is up nearly 5%, while Legrand and Schneider Electric are rising 4.5% and 4.3%, respectively.
Teleperformance, Hermes International, Publicis Groupe, Saint Gobain, Essilor, Accor, TotalEnergies, BNP Paribas, Capgemini, Michelin and Societe Generale are advancing 2 to 4%.
Among the losers, Thales and Danone are down 3% and 2.8%, respectively. Orange, Engie, Sanofi and Eurofins Scientific are lower by 1.7 to 2.3%. AXA and Vinci are also notably lower.
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