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Yesterday Francois Hollande held a press conference to discuss the way forward for the French economy, less than a week after a story broke about the president’s love life. The latter is arguably a welcome distraction when you consider some of the economic data that we have seen coming out of France over the last six months.
Considering the captain of this ship could face a mutiny and the economic picture appears to be getting worse, the CAC 40 has fared particularly well. Since the beginning of 2013 the index is up over 16% and has outperformed many of its counterparts around Europe, including the FTSE. From a technical point of view the next hurdle higher is the 4330 zone, which is the 50% retracement level from the June 2007 highs and the March 2009 lows. A close above here could see a move to the top end of the range, another 150/200 points higher around 4550.
Like many countries’ leading indices, the correlation between its constituents and the underlying economy are not always obvious to the casual observer.