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CAC 40 set to open modestly higher but will it last?
The CAC 40 futures are slipping into the European opening shortly. Yesterday the CAC traded below the 7,100 and at that stage, the index looked like it could soon test the 7k handle and in truth that potential has not changed, despite the rebound into the close yesterday. The CAC rebounded from a low at 7,091, to close 51 points lower, at 7,143. Since the close yesterday the CAC was priced to open closer to the 7,200 handle, but not right now. The index future is edging a little lower ahead of the opening. The French economic and political outlook remain suspect to say the least and it is weighing on the CAC, as indeed it should and as you can see for a long while now, the index has significantly underperformed its two leading peers. The CAC is just now priced to reopen around 7,165
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