BRUSSELS (dpa-AFX) - French stocks moved up sharply on Wednesday amid hopes of a de-escalation in Middle East tensions following reports that U.S. and Iran are engaged in diplomatic efforts to end their conflict.
Hopes about a U.S.-Iran deal rose after U.S. President Donald Trump said the two countries were 'in negotiations right now' and 'want to make a deal so badly.'
The U.S. has reportedly proposed a 15-point peace plan to Tehran after a possible one-month ceasefire. Although Tehran has dismissed Trump's claim of talks, several media reports suggest that efforts towards a diplomatic solution have intensified.
France's benchmark index CAC 40 was up 127.34 points or 1.65% at 7,871.26 a few minutes before noon.
Legrand, up 3.7%, was the top gainer in the benchmark index. STMicroelectronics and Schneider Electric and Hermes International gained 3%-3.3%.
Societe Generale, Saint Gobain, Kering, Michelin, Veolia Environment, Stellantis and Safran moved up 2%-2.8%. Accor, Sanofi, Renault, Air Liquide, ArcelorMittal, BNP Paribas, Dassault Systemes, Credit Agricole, EssilorLuxottica, Airbus and Pernod Ricard also posted strong gains.
Air France-KLM climbed more than 5% as oil prices fell nearly 4 percent in anticipation of a de-escalation of the Middle East war.
Tubular solutions firm Vallourec surged 4.3% after it secured five contracts for oil country tubular goods (OCTG) products to be delivered in Indonesia.
Orange drifted down by about 1.7%. The telecom company said that it has inked a deal with Verdoso with a view to a potential divestment of Globecast, a media services business of Orange.
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