Hermes and Renault results help lift the CAC 40 but PMI data disappoints

Q3 earnings results released this morning from the fashion giant, Hermes and the leading French car maker Renault both beat on analyst expectations and in some respects by quite some margin. That news has helped to lift the CAC 40 in early trading. At the same time the DAX has pushed higher too, following that better than forecast German PMI data released a short while ago. The DAX is now pressing towards 19,500. Those earnings helped the CAC 40 catch a tailwind this morning and that helped to lift the index above 7,550 earlier. The index closed yesterday below 7,500, but as warned upon, that close is clearly not as technically important as it might have been in days past. So, the CAC 40 opened today at 7,527 and it has traded as high as 7,555 this morning. It is off that high right now though and that was because of the lower than forecast PMI data seen a little earlier. We shall have to see which of those conflicting reports now wins out. The index is just now trading at 7,535