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European stocks continue to lose traction- CAC 40 falls below 7,400 as US ADP report looms

Regular readers of these updates will now be reminded that for months now there has been no love lost for the CAC 40 and that index has continued to be characterised by sellers on rallies and that has now delivered a fresh low on the week this morning. The index has dropped below the 7,400 handle for the first time since September 11. The fall comes as the DAX also suffers further damage this morning and you were warned; that a failure of both to rise after the Eurozone GDP data was not to be ignored. So, the further falls just now have seen the DAX drop close to 19,250, but it is the CAC 40 that is clearly leading the way lower. In a short while the latest US ADP data will be released, at 12.15pm GMT (expected lower, at 115k versus 140k previously) and that could have an impact across the US futures, depending upon what shows up there. Further losses stateside will not help the CAC much either. The index is currently trading at 7,390 
 

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