CAC 40 Rallies As Inflation Worries Ease

French stocks rallied on Friday as investors pared back their inflation expectations.

As commodities extend declines on worries of a possible recession, investors are pinning hopes that inflation will start easing.

The benchmark CAC 40 jumped 76 points, or 1.3 percent, to 5,959 after losing 0.6 percent in the previous session.

Banks traded mixed, with Credit Agricole rising nearly 2 percent.

Automaker Renault fell over 1 percent as concerns over a global economic slowdown intensified.

Sanofi shares jumped 2.1 percent. The French drug major and GSK announced positive data from their vaccine trial which evaluated an adjuvanted bivalent D614 and Beta (B.1.351) vaccine candidate.