Despite the continued bounce today, the CAC 40 index is still down 2% on the week. Meanwhile, the DAX is down 0.9% still so far this week even with the gains above. US futures are also nudging a little higher as we get things underway, with S&P 500 futures now up 0.1% and Nasdaq futures flat. Nvidia earnings beat on estimates after the close yesterday but China uncertainty remains a headwind for the firm looking to the coming quarter(s). Going back to European stocks, Citi and Goldman are arguing that France's political crisis is already priced in by markets now and that the case in point now is to buy the dip.
Citi says that "the case for Europe has always been based on Germany, which remains intact, while French assets are pricing in some political risk premium". Meanwhile, Goldman is arguing that "the vulnerability of France was always there" and that "there doesn’t seem to be a big concern within the context of the European market".
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