CAC Pares Early Gains

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( - After opening on a firm note, tracking positive cues from Asian markets, French shares pared most of their early gains, with lower U.S. futures indicating a weak start for Wall Street.

On Wednesday, U.S. stocks soared on bargain hunting after the terrible beating they had taken on Christmas Eve. With some crucial economic data due this week and worries about the impact of a partial government shutdown weighing on sentiment, traders appear to have turned a bit cautious.

The CAC 40 is up 4.84 points or 0.1% at 4,631.22, after having advanced to 4,692.43 early on in the session.

Oil stocks are down fairly sharply following crude oil prices retreating this morning after recording one of their best sessions on Wednesday.

Consumer goods, materials and technology stocks are among the other notable losers.

Valeo is declining by 2.3%. Bouygues, Danone and Accor are down 1.2 to 1.3%. Michelin, Engie, ArcelorMittal, Saint Gobain and Essilor are modestly lower.

Among the gainers, Technip FMC is rising 2.6%. Carrefour, Hermes International, Louis Vuitton, Sanofit, Capegemini and Publicis Groupe are up 0.7 to 1.5%.

Among other major markets in Europe, Germany is down sharply with its DAX declining more than 1.5%, and the U.K. is modestly lower.

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