Paris Bourse surges 8.68 percentDecember 9th, 2008 - 5:48 am ICT by IANS
Paris, Dec 8 (Xinhua) The Paris Bourse achieved a good performance Monday with the CAC climbing 8.68 percent to 3247.78 points, driven by the investments announced by US president-elect Barack Obama Saturday and approval of French bank rescue plan by the European Union (EU). The index won 259.47 points in a modest trade of 4.5 billion euros (about $5.82 billion). The increase is the fifth best this year. The best one was recorded 11.18 percent on Oct 13.
Obama promised Saturday the largest investment in infrastructure since the 1950s. These measures should create 2.5 million jobs. This announcement has encouraged the stock markets.
Besides, the European Commission, the executive body of the 27-member EU block, has approved the recapitalisation of French banks. Societe Generale took 14.29 percent, BNP Paribas took 13.43 percent and Credit Agricole took 10.39 percent.
Other European markets also performed well, with 7.63 percent Frankfurt and 6.19 percent London.