CAC Slips on Further Corporate Earning Releases

The CAC index has posted considerable losses in the Thursday session. Currently, the CAC is trading at 5,420.25, down 0.93% on the day. On the release front, there are no French or eurozone indicators on the schedule. The European Union will release its economic forecast, which provides analysis and economic activity of the 28 EU members.

European corporate earnings continue to weigh on the stock markets, and the CAC has lost ground on Thursday. Most of the listings on the CAC are in red territory, including car makers Peugeot and Renault, which have declined 2.91% and 1.39%, respectively. Still, the CAC continues to trade at high levels, boosted by the improving French economy. The Bank of France expects another solid performance in the fourth quarter, with an estimate of 0.5 percent growth. The INSEE official statistics agency is predicting 1.8 percent growth in 2017, which would be the economy’s best performance since 2011. The manufacturing and services sectors have surged, and stronger private consumption is expected to continue to boost share prices, so the picture looks rosy for the CAC.

The eurozone economy continues to impress in 2017, and retail sales, the primary gauge of consumer spending, rebounded sharply in September. The reading of 0.7% came after two straight declines, and marked the strongest gain since February. Consumer confidence is high, and the markets are hoping for stronger consumer spending in the fourth quarter.

 

Economic Calendar

Thursday (November 9)

  • 4:00 ECB Economic Bulletin
  • 5:00 EU Economic Forecasts

*All release times are GMT

*Key events are in bold

 

CAC, Thursday, November 9 at 9:00 EDT

Open: 5417.50 High: 5482.50 Low: 5416.50 Close: 5420.25

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Kenny Fisher

Kenny Fisher

Currency Analyst at Market Pulse
Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years.