Investing.com – The CAC 40’s rebound already appears to be running out of steam, with the Paris Stock Exchange index down 0.67% to near 7,500 points at the time of writing.
Yesterday, the had closed up 1.09% at 7561.13 points, after gaining as much as nearly 3% at one point during the day, with an intraday high of 7688.20 points.
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Let us recall that investors yesterday welcomed the result of the first round of the French legislative elections, the worst-case scenario, namely an absolute majority of the extremists in the first round, having been avoided.
Investors are now waiting to find out which candidates will withdraw for the second round (in order to call for a vote against the extremes) in order to update their forecasts for the second round which will take place on Sunday, which explains the desire for caution displayed this morning.
As for statistics likely to influence the CAC 40, it should be noted that Eurozone inflation data are expected at 11 a.m.
The data will be closely watched, as ECB President Christine Lagarde said yesterday that the ECB’s fight against inflation is not over, warning that “it may take time to collect enough data to be sure that the risks of inflation running above target have been averted.”
As for the individual CAC 40 stocks, we note that it is Eurofins Scientific SE (EPA:) and Michelin (EPA:) which show the biggest declines, falling by more than 3%, while on the rise, it is Teleperformance SE (EPA:) which stands out with a gain of 3.6%.
Finally, from a graphical point of view, the CAC 40 faces significant support in the 7500 point area, while 7600 and 7700 points are the first potential supports to take into account.
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