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European equity close: The elections can't come soon enough

2024-12-30FOREXLIVEFOREXLIVE
Ugly week in European stocks

Closing changes:

  • Stoxx 600 -1.0%
  • German DAX -1.3%
  • UK FTSE 100 -0.1%
  • French CAC -2.7%
  • Italy MIB -2.9%
  • Spain IBEX -0.9%

This was the worst week in the Stoxx 600 since October. Does this trend-break matter? A 50% retracement of the rally since October would be a 6.6% decline from here.

Stoxx 600 d
Stoxx 600 daily

Meanwhile, the CAC 40 has already retraced 50% of the gain since October and the question is whether it makes a round trip.

CAC 40 dd
CAC 40 daily

The first round of the French election is June 30 and the second round on July 7 -- that's 15 trading days.

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