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French shares gain ground on French-German eurozone plan

(Xinhua)

09:23, August 18, 2011

PARIS, Aug. 17 (Xinhua) -- Efforts of French and German leaders to stem the spreading European debt crisis quelled investors' fear in Paris where stocks closed high on Wednesday.

Paris stock main index CAC 40 rebounded by 0.73 percent to 3,254 points after losing 0.25 percent in last session.

Shares in Milan and Madrid surged by 1.27 percent and 0.62 percent respectively while concerns on the region's sovereign debt overshadowed transactions in London and Frankfurt whose indexes fell by 0.49 percent and 0.77 percent respectively.

On Tuesday, French President Nicolas Sarkozy and German Chancellor Angela Merkel unveiled a plan for closer regulation on financial market to bolster growth.

Both leaders called for a common economic government, a financial transaction tax on EU level and the "golden rule" to reduce members' deficit.

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