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The stigma of the weak flash manufacturing and service PMI figures that were released on Monday has hung over the index. This lack of encouragement to move the index higher has only been compounded by this afternoon’s disappointing US final GDP figures. The pace of the recovery in both the eurozone and the US has seen more and more questions asked as to where fair value might lie.
The promise the European Central Bank has made over tackling the euro strength and stimulating the recovery is coming to the end of its honeymoon period, as investors are increasingly looking for signs of improvement rather than words of encouragement.
Like its counterparts in the eurozone, the France 40 has struggled under the burden of the ongoing Ukraine and Russia energy supply wrangling, and this is a worry that will not go away.
The 4500 level had proven to be a real region of resistance when the CAC was trying to move higher, and the ease with which it has broken back below this without too much of a fight looks ominous.