Market reaction to Paris attacks is modest

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Pisani: Market down 1% at open

The market's reaction to the Paris attacks have been modest, even at the open, which surprised many observers.

The pattern in the past from these events is that the market sees a short selloff. We saw this with the Russian plane that was downed and following the assault on the offices of satirical magazine Charlie Hebdo.

But then things go back to normal.

France's CAC-40, the broadest measure of the French market, gapped down one percent at the open but mid-session is down about half that. The same goes for Germany, which is down only 0.2 percent.

Read More Paris attacks unlikely to cause correction: Wilbur Ross

Luxury stocks like Hermes and LVMH are down only 1 to 2 percent. These were the subject of great speculation over the weekend because they depend partly on Asian tourists coming to Europe. CNBC's Eunice Yoon in Asia said travel agencies in the big Chinese cities have been reporting massive cancellations — in the 50 percent range — of trips to Europe for November and December since the weekend.

Airline stocks like Air France and Aeroports de Paris (which runs the Paris airports) are down 4 to 7 percent, but German rival Lufthansa is down only two percent.

Still, the phrase — "This time is different" — was widely cited over the weekend. How is it different?