The CAC 40 defied expectations on Friday, closing 0.78% higher at 8,179.77 points, as investors in Paris digested the European Central Bank's second interest rate hike of the year and welcomed a sharp retreat in crude oil prices that eased simmering inflation concerns across France and the wider eurozone. The benchmark index's advance — the headline number for the Paris stock exchange — came on the heels of a 25 basis point increase in all three of the ECB's key policy rates on Thursday, a move that lifted the deposit facility rate to 2.50% and the main refinancing operations rate to 2.65%.
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