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European equities on the backfoot again after the gains yesterday

2024-12-30FOREXLIVEFOREXLIVE
French stocks will be in focus ahead of the first round of elections on 30 June

The CAC 40 has caught a modest bounce after meeting its 50.0 Fib retracement level, with the double-top pattern also completing its reversal in a fall under 7,650 two weeks ago.

CAC40 D1
France CAC 40 index daily chart

The bounce in the past week is a decent one but the index is still down by over 4% in June currently. Here's a snapshot of how regional indices are faring today:

  • Eurostoxx -0.7%
  • Germany DAX -1.1%
  • France CAC 40 -0.5%
  • UK FTSE +0.1%
  • Spain IBEX -0.1%
  • Italy FTSE MIB -0.1%

The pressure is certainly on as we gear towards the first round of the French elections later this weekend. I'll brief more on the possible outcomes later in the day.

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