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.
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