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CAC 40 December 2012 (MXZ12)

3,659.0s-10.0 (-0.27%) 7:53P EDT (EUIDX)
Commodity Price Quote as of Saturday, May 25th, 2013 View Help

Contract Specifications

Symbol MX
Name CAC 40 Index (FCE)
Exchange EUIDX
Trading Months January, February, March, April, May, June, July, August, September, October, November, December (F, G, H, J, K, M, N, Q, U, V, X, Z)
Trading Unit EUR 10 times Index
Tick Size 0.5 points (EUR 5.00 per contract)
Daily Limit None
Trading Hours 8:00a.m. - 8.00p.m. (Paris)
Last Trading Day Third Friday of the delivery month
Value of one futures unit EUR 10
Value of one options unit EUR 10

CRB Yearbook Description

World stocks - World stock markets in 2011 closed generally lower. The MSCI World Index, a benchmark for large companies based in 23 developed countries, closed down -7.6% in 2011, giving back most of the +9.6% gain seen in 2011. The index had rallied sharply by +27.0% in 2009.

The MSCI World Index fell in 2011 mainly because of the European debt crisis, which hurt global business confidence and pushed Europe into a mild recession by late 2011. The Eurozone GDP in Q4-2011 fell by an annualized -1.2% and likely showed another decline in Q1-2012. Other bearish factors in 2011 included the generally weak U.S. economy, which was weighed down by high gasoline prices, political battles, and the continued depression in the housing market.

In addition, China's economy weakened during the year to a growth rate of only +8.9% by Q4-2011, down from pace of over 10% seen in early 2010. China's central bank from late 2010 through early 2011 was forced to raise its 1-year lending rate by a total of one percentage point to 6.56% in order to battle a surge in inflation. The weaker Chinese economy had a negative economic impact on Asia and indeed the whole world. The market consensus as of early 2012 was that Chinese officials would be able to engineer a soft landing for the Chinese economy and avoid any disasters.

Small-Capitalization Stocks - The MSCI World Small-Cap Index, which tracks companies with market caps between $200 million and $1.5 billion, fell by -10.5% in 2011, giving back some ground after the sharp rallies of +24.3% in 2010 and +41.7% in 2009. The -10.5% decline in the MSCI World Small-Cap Index in 2011 was 2.9 percentage points weaker than the -7.6% decline seen in the large-cap MSCI World Index. The underperformance by small-caps could have been expected in 2011 after the sharp outperformance by small-caps in the two previous years. The small-caps outperformed the large-caps by an impressive 14.7 points in both 2010 and 2009.

World Industry Groups - The MSCI industry sectors in 2011 produced the following ranked annual returns: Health Care +7.2%, Consumer Staples +6.0%, Energy -1.9%, Information Technology -3.4%, Telecom -4.1%, Consumer Discretionary -6.3%, Utilities -6.8%, Industrials -10.0%, Financials -20.7%, and Materials -21.2%. The defensive Health Care (+7.2%) and Consumer Staples (+6.0%) sectors were the only two sectors that showed gains for the year as investors remained cautious with the weak economy seen in 2011. The Energy sector came in third with a decline of -1.9%. The three sectors that did the best in 2010 put in a poor performances in 2011 with a -6.3% decline in Consumer Discretionary, a -10.0% decline in Industrials, and a -21.2% decline in Materials. Financials saw a sharp drop of -20.7% in 2011 due to the ongoing European debt crisis and concerns about reduced profitability with tougher post-crisis regulations.

Emerging markets - Emerging stock markets fell sharply by -20% in 2011 due to the weak growth in the industrialized world, which hurt the emerging markets despite generally strong economic growth in their domestic economies. Specifically, the MSCI Emerging Markets Free Index, which tracks companies based in 26 emerging countries, fell by -20.4% in 2011 following the rallies seen in the two previous years of +16.4% in 2010 and +74.5% in 2009.

G7 - In 2011, all of the G7 stock markets saw sell-offs, except for the S&P 500 index, which closed essentially unchanged on the year. Europe had a dismal year due to the European debt crisis. Japan's stock market fell sharply due to the March earthquake disaster. The ranked returns for the G7 stock markets for 2011 are as follows: U.S. S&P 500 unchanged, UK FTSE 100 -5.6%, Canadian Toronto Composite -11.1%, German DAX index -14.7%, French CAC40 -17.0%, Japanese Nikkei 225 -17.3%, and Italian MIB -25.2%.

North America - In North America, Mexico's Bolsa Index ended 2011 down -3.8%, falling behind the unchanged close in the U.S. S&P 500 index and ending its streak of outperforming the U.S. and Canadian stock markets for ten straight years. The Mexican Bolsa index has posted double-digit gains in seven of the last nine years (2011 -3.8%, 2010 +20.0%, 2009 +43.5%, 2008 -24.2%, 2007 +11.7%, 2006 +48.6%, 2005 +37.8%, 2004 +46.9%, 2003 +43.5%). The Toronto Composite index in 2011 fell by -11.1%, underperforming the unchanged close in the S&P 500 and ending its 7-year streak of outperforming the S&P 500.

Latin America - Most of the large Latin America stock markets showed declines in 2011 along with the rest of the global emerging markets: Venezuela's Stock Market Index +79.1%, Jamaica's Stock Exchange Index +11.8%, Costa Rica's Stock Market Index +2.4% Ecuador's Guayaqui Bolsa Index +1.9%, Chile's Stock Market Select Index -15.2%, Peru's Lima General Index -16.7%, Brazil's Bovespa Index -18.1%, Columbia's General Index -18.3%, and Argentina's Merval Index -30.1%.

Europe - European stocks in 2011 closed lower as the European debt crisis hurt the economy and caused concern about a systemic European banking crisis. The Dow Jones Stoxx 50 index fell -8.4% after being unchanged in 2010 and rising +24.1% in 2009. The big European countries all saw declines in 2011: UK FTSE 100 index -5.6%, Spanish IBEX 35 index -13.1%, German DAX index -14.7%, French CAC 40 index -17.0%, and Italian MIB index -25.2%.

Asia - The Asian stock markets in 2011 closed mostly lower along with the rest of the world's stock markets. The MSCI Far East Index in 2011 fell by -14.6%, reversing most of the +16.6% gain seen in 2010. Asia was hurt by the European debt crisis and by interest rate hikes that were made necessary by higher inflation. China's Shanghai Composite Index in 2011 fell by -21.7%, adding to the -14.3% decline seen in 2010. Japan closed down -17.3% due to the major economic dislocations from the March 2011 earthquake disaster. The ranked closes for the Asian stock markets in 2011 were as follows: Philippines' Composite index +4.1%, Indonesia's Jakarta Composite Index +3.2%, Malaysia's Kuala Lumpur Composite index +0.8%, Thailand's Stock Exchange index -0.7%, New Zealand's Exchange 50 Index -1.0%, Pakistan's 100 Index -5.6%, South Korea's Composite Index -11.0%, Australia's All-Ordinaries Index -15.2%, Singapore's Straights Times Index -17.0%, Japan's Nikkei 225 Index -17.3%, Hong Kong's Hang Seng -20.0%, Taiwan's TAIEX Index of -21.2%, China's Shanghai Composite Index -21.7%, and India's Mumbai Sensex 30 index -24.6%, Vietnam's Stock Index -27.5%.

Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope is second to none. Additional information can be found at www.crbyearbook.com.
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