CAC 40 set to open lower this morning

As just covered in the previous update looking at the DAX, the CAC 40 was the best performing major European index and in contrast to the DAX, the CAC closed 53 points higher. The index gained 0.72% when closing at 7,480, after briefly topping the 7,500 handle earlier in the session. The high seen was set at 7,511. The scene is not quite so positive this morning though and the CAC 40 futures are pricing a lower opening shortly. The recent positive momentum has mostly been about short-covering as the markets wait to see, if President Macron can pull a rabbit out of the hat. If he can, the index will probably advance further, but if he cannot then the downside trend will resume. The CAC 40 is currently priced to reopen at 7,460