France is turning a corner, says Martin Hutchinson in Money Morning.

President Nicolas Sarkozy is pushing through a whirlwind of reforms that should free up business activity significantly. Furthermore, the French economy doesn’t face nearly as many risks from the credit crisis as the US or Britain.

Martin says France’s benchmark CAC-40 index is a bargain right now. For individual companies, try AXA insurance (ADR:AXA) and French Telecom SA (ADR:FTE). Both have low price-to-earning ratios and high yields. Better still, they aren’t priced in dollars…