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Barnier facing a confidence vote he probably will not win- CAC 40 hands back earlier gains
The CAC 40 rose to 7,275 earlier today, as reported upon here at the time. That move came as the DAX surged to a fresh record, at 19,929, surpassing the noted level at 19,862 by some margin. Well since then the vista has changed quite a bit. The DAX has now traded back below 19,800 and the CAC 40 has fall back underneath 7,200. The reason for this is simple- the French Prime Minister, Michel Barnier looks set to lose a no confidence vote. At least that is highly likely, if both the far right and far left parties stick to their recent comments and vote against him. Hence, the CAC 40 is handing back much of its earlier gains. To be honest with you and as said earlier, were it not the dynamic move higher in the DAX, I doubt the CAC would have gotten to where it did in the first place. The index is just now trading at 7,199
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