CAC 40 Dragged Down by Oil Tensions, Only Tech Holds Steady

A Session Marked by Oil and Middle East Tensions

The mood is heavy on European markets midweek. Brent crude oil has surged by more than 3% in a single session, driven by the ongoing standoff between the United States and Iran. Washington is reportedly considering a prolonged blockade of Iranian ports, according to information relayed by RFI from the Wall Street Journal. The Strait of Hormuz, a vital artery for global oil trade, remains a central concern: Ursula von der Leyen has called for ensuring full freedom of navigation in this critical area.

This tense geopolitical context is impacting financial markets across the board. The FTSE 100 in London is down 0.55% during the session, while Germany's DAX remains flat (+0.03%). Across the Atlantic, Wall Street closed down the previous day: the S&P 500 lost 0.49%, the Dow Jones slipped 0.05%, and the Nasdaq declined by 0.90%. In Asia, the Nikkei ended the day down 1.02%, while the Hang Seng gained 1.68% at the close. Paris aligns with a cautious trend shared by most Western stock exchanges.

On the SBF 120, the drop is similar, at -0.38%. The dispersion of values within the CAC 40 is markedly negative: only one stock is stable, twelve are up, and twenty-seven are down. The Paris market is clearly operating in defensive mode.

STMicroelectronics, Capgemini, and Airbus: The Triumphant Trio

In this gloomy climate, STMicroelectronics stands out, climbing 3.80% to 43.80 euros. The semiconductor manufacturer is benefiting from the announcement of new image sensors that are ten times more energy efficient, the VD55G4 and VD65G4, aimed at portable and smart devices. This new generation of components, part of the ST BrightSense portfolio, is now available for early adopters.

Capgemini follows with a rise of 2.94% to 102.20 euros, without a specific catalyst identified at this time. The technology sector as a whole is seen as a relative safe haven in this session dominated by risk aversion.

Airbus gains 2.43% to 170.14 euros, despite a mixed first quarter. The aerospace manufacturer saw its net orders soar to 398 aircraft compared to 204 a year earlier, but its revenue declined by 7% and its adjusted profit was halved to 300 million euros. RBC Capital also lowered its price target from 225 to 200 euros while maintaining an outperform rating. Following this trio, ArcelorMittal (+1.07%) and Legrand (+0.88%) round out the top of the rankings.

Pernod Ricard, Kering, and Vinci Trail Behind

On the downside, Pernod Ricard records the biggest drop in the CAC 40, falling 2.61% to 62.60 euros. The spirits group, already weakened in recent months, continues to suffer without specific announcements at this time.

Kering falls by 1.97% to 231.45 euros in a luxury sector that remains under pressure. Vinci, meanwhile, drops 1.91% to 126.10 euros. The construction and concessions group is among the most penalized stocks of the morning, alongside AXA (-1.68% to 40.29 euros) and Dassault Systèmes (-1.57% to 18.50 euros).

The overall tone of the session remains distinctly downward, as the Paris market absorbs the sharp rise in oil prices and growing geopolitical uncertainties in the Middle East. The entire European market reflects this caution, in a context where the issue of global energy supply is once again at the forefront.