CAC 40

All market eyes are on ECB President Lagarde's press conference Thursday July 24 — a dovish pivot hinting at a September cut could unleash a rally toward the 52-week high at 8,642, while a hawkish hold at 2.25% deposit rate risks breaking the 8,300 support floor.

The CAC 40 is consolidating in a narrow 8,300–8,390 band ahead of the high-stakes ECB rate decision on Thursday July 24, with the index lacking directional conviction until Lagarde's guidance on September policy is clarified.

Main Risk

ECB Policy Surprise — July 24 Rate Decision

The ECB hiked 25bp in June to 2.25% deposit rate; if Lagarde signals no September cut and warns on persistent energy-driven inflation, European equities could reprice sharply lower from current 8,336 levels.