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Paris is busily rebounding from S&P's negative rating actions on the French banks overnight....

Paris is busily rebounding from S&P's negative rating actions on the French banks overnight. BNP Paribas (BNPQY.PK) was cut to A+ from AA-, while SocGen (SCGLY.PK) and Credit Agricole (CRARY.PK) were given a negative outlook. "The economic risks under which French banks operate have increased in our view." The CAC 40 +0.2% after a near 1% early decline.
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