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CAC 40 set for a lower opening this morning as LVMH disappoints
The Q2 results from the French fashion and luxury retailer, LVMH were released yesterday after the European closing bell and they were not exactly encouraging. In fact they were disappointing in terms of sales in Asia and China and that has led to the prospect of a much lower opening for the stock today. This coupled with the losses across the US futures after the market close is adding pressure onto the CAC 40 futures this morning. The index closed yesterday at 7,598. It is currently set to open below 7,550, but it has been indicated lower than that earlier. This price action has added to the trend, for the market to continue to sell into rallies since the outcome of the French elections. There is still no agreement on the forming of an effective government in France and that is continually adding to the pressure on the CAC 40
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