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CAC 40 rebound is not yet convincing
Yesterday the slide in global stock markets nearly delivered a fall below 7k in the CAC 40. In the event though, that price point remained intact. The index bottomed out at 7,029 and rebounded to close 102 points lower, at 7,148. The CAC 40 futures are pricing a higher opening today, but in real terms not by anything that has yet suggested the worst is now behind it. That might be the case, but we also have to remember where this index has come from and where the likely opening is today, relative to the low seen yesterday. At the same time that is not to preclude further upside in the short-term. The CAC 40 is currently priced to reopen at around 7,212
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