CAC 40 sets a daily close below 7,500

Yesterday the French stock market faced immediate opening pressure from a slide in the luxury sector, headed by losses in LVMH. The CAC reopened effectively well below the 7,500 handle and hit a session low at 7,420 not long after the opening. However, it then staged a rebound and that led the index back above 7,500, to set a high at 7,511, but it could not hold the gains above 7,500 into the close, and later ended the session, 29.97 points lower, at 7,492. Technically that was not a positive close and so far this morning the CAC futures have struggled to indicate an opening above 7,500 today. However, that is not certain at this stage because we know the likes of the FTSE 100 and the DAX can influence the way this index might trade today and both those index futures are a little higher this morning.