BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks rallied on Wednesday after data from China pointed to recovery in the country's services sector.
The services Purchasing Managers' Index for China advanced to 55.0 in May from 44.4 in April, signaling a recovery in the sector. The pace of expansion was the steepest since October 2010.
Closer home, the euro zone services purchasing managers index rose to 30.5 in May from 12 in April, above the flash reading of 28.7 and a three-month high.
The benchmark CAC 40 climbed 75 points, or 1.53 percent, to 4,933 after rising 2 percent the previous day.
Automakers led the surge, with Renault climbing 8.3 percent after it finalized a 5 billion euro ($5.60 billion) loan with the French government. Peugeot shares surged 4.9 percent.
Insurer AXA soared 7.2 percent. After deciding to cut its dividend for 2019, the company said it could propose an additional fourth-quarter shareholder payment if conditions improved.
Electric utility EDF advanced 1.5 percent after cancelling its nuclear supply contracts with Total Direct Energie, Alpiq and Gazel.
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