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Having seen the state of the US markets at the close of trading on Friday, traders were prepared for a rough start to the European trading day. However, a weekend sandwiched between the two trading sessions meant there should not have been any transfer of panic.
This morning saw the latest meeting of the EU finance ministers in Brussels. With last week’s poor US market performance combined with contracting manufacturing figures from China, it’s likely that the major topics of conversation around the table were focused outside the EU.
Francois Hollande’s personal life has been a convenient distraction from the state of the French economy, but now that has been dealt with the focus should return to his day job. Tough, unpopular decisions are likely to be needed to change old habits.
Looking at the weekly chart, the CAC is still in an uptrend and, assuming the September 2013 support around 4120 holds, a retest of 4220 could be seen. However, a break below these current levels could see the CAC heading back down to the 200-day moving average of 4060.