CAC 40

But hang on a second.

The eagle-eyed viewers will be looking at France, the CAC 40 as well, down 4.65% in that quarter.

Is that because you, Dominic and Morgan and others were just not buying your luxury goods? Quite possibly.

Listen to this.

now we've decided we're not going to do that so hong kong is a major beneficiary of that i should also point out that europe is a beneficiary too in the sense that what used to be stuff that we made and sold europe is gearing itself up however there are dark clouds on the horizon in europe and if you look at the charts they all look about the same over in europe They had a slow, quiet morning, and then they all surged up, and then they slid back off.

Now, what seemed the CAC 40 ended up a lousy 1,100th of a percent, and the DAX, it slid a little bit, got below sea level.

And Euronext, it finished up, again, a lousy 0.11%, 11,100th of a percent.

So they're in kind of a wait-and-see mood.

The pan-European Stock 600 rose 0.4%, with the benchmark wrapping up the last week with a modest 0.5% gain, yet the index remains weighted down on a monthly basis by an avalanche of global rate hike bets, a 12-point European gas storage deficit and unresolved Middle East trade friction.

Germany's DAX rose 0.5%, while France's CAC 40 was flat, and London's FTSE rose just 0.1%.

Shares in Airbus fell 2% after the European playmaker confirmed that it had discovered a quality flaw in the fuselage of hundreds of its best-selling A321neo jets.

UBS rose 3.9% after a Semaphore report said the bank had revived discussions to exit Switzerland.

See the CACs and the DAX.

The ones I look to are the CAC 40, Paris Exchange, DAX P, that's Berlin Exchange.

And then the Euronext is sort of like sampling some stocks from different bourses, exchanges around the European Union.

And they... all had a drop and you see they all follow the same pattern of trying to fight out of that little pit that they got into in the morning trading but then by about the mid-afternoon they just gave up and they started sliding back down again so overall a bear day on in europe and if you look at the ftse it followed the same pattern although it came up into green for a while before it dropped back down But kind of curiously, you notice that all those spark charts look very much the same.

The Stalkex Europe 600 is broadly flat.

And the French CAC 40 is actually down 2.1 percent.

Right.

And the bond market is punishing them too, right? French 10-year bond yields spiked to 4.47 percent.

Now, they actually had a good day as well.

Interestingly enough, Looking, for example, at the CAC 40 on the Paris Exchange, Paris Aborts, it actually had a rise, but at the end it just sort of floated for the rest of the day.

And so it was up for a total of more than a half a percent, and the DAX kind of just floated along.

It had a little rise.

In Europe, the mood is also firmer.

The FTSE 100 is up 0.5%, and the CAC 40 has advanced 0.3%.

While geopolitical tensions, particularly the ongoing conflict in the Middle East, continue to weigh on sentiment, the stabilization in bond yields is providing a much needed breather for traders across the Atlantic.

That's a welcome change of pace.

The Nikkei 225 rose 0.3%, and South Korea's KOSPI climbed 1.4% as investors looked past recent volatility.

In Europe, bourses pointed to a firmer open, with the FTSE 100 up 0.2% and the CAC 40 also adding 0.2%.

While the tone remains cautious ahead of the Fed, there is a sense of stabilization in the bond markets, which has provided a small amount of breathing room for global equities after a rough start to the week.

Turning to our pre-market activity here in the U.S., what are the futures telling us?

The Stoxx 600 and the DAX declined around 0.5% yesterday.

The CAC 40 was down, uh, 0.75%.

Um, the FTSE 100 was an outlier.

That actually rose 0.4% on the day, so some good news.

So Europe edged higher on Friday as oil prices retreated from a five-month peak after a week in which accelerating inflation expectations and elevated bond yields dented sentiment and pushed the market towards its biggest weekly loss in two months.

France's CAC 40 jumped 0.8%, recovering after recent weakness, uh, as investors weighed up deteriorating growth outlooks and concerns over the country's public finances.

And on that, Finance Minister Roland Lescure said France was at risk of missing its deficit reduction target this year after the government cut its growth forecast, adding to pressure on the fiscal outlook.

Among European sectors, telecommunications and banks led gains, rising 1.5% each.