CAC 40: EssilorLuxottica Soars 14%, Carrefour Falls 14%, Results Drive the Session

A Session Driven by Corporate Earnings Announcements

The third-quarter earnings season is in full swing and dictates the Parisian session. The disparities between stocks are notable: 21 stocks in the CAC 40 are advancing, 18 are declining, and only one remains stable. The rest of Europe is following a similarly cautious approach, with Germany's DAX up 0.53% during the session and the STOXX 600 gaining 0.38%, while London's FTSE 100 is nearly stable (+0.07%).

In the background, the climate remains tense concerning French debt. The yield on the ten-year bond closed Tuesday evening at its highest level since July 2002, and the gap with the German rate remains near its peaks, at about 148 basis points. Investors are also watching for Moody's review of France's sovereign rating, expected on Friday. Internationally, Brent crude oil is trading above $110, supported by tensions in the Middle East. Across the Atlantic, the Dow Jones ended Tuesday evening up 1.02%, the S&P 500 rose 0.28%, while the Nasdaq 100 slipped 0.13%.

EssilorLuxottica Leads the Field

Today's highlighted movement comes from EssilorLuxottica, surging by 14.22% to €171.90. The group released quarterly revenue the day before, totaling €7,486 million, a 7.2% increase at constant exchange rates, driven by direct-to-consumer sales and growth avenues such as myopia management and connected eyewear. This rebound is particularly notable as the stock had dropped 45% over the year by mid-October. Following this, UBS and Stifel reaffirmed their buy recommendation, while adjusting their price targets.

In addition, the business services sector is also bolstering the gains. Eurofins Scientific is up 3.44% to €81.72 after reporting accelerated organic growth in the third quarter, despite the group no longer expecting to meet its annual organic growth target. Bureau Veritas has advanced by 2.34% to €28.37, supported by a 10.1% increase in quarterly revenue and confirmed annual targets. Capgemini (+1.87%) and Euronext (+1.66%) round out the leading performers.

Carrefour and Michelin Drag Down the Stock Market

On the other hand, Carrefour falls by 14.29% to 13.97 euros, the steepest drop of the day. The retailer has lowered its 2026 targets, citing the deterioration of the social and security situation in France. The revision affects the operating margin, adjusted earnings per share, and free cash flow, as the retail sector approaches a decisive end of the year. Following this, Morgan Stanley downgraded its recommendation from « overweight » to « equal weight."

Michelin follows, down 6.08% to 31.22 euros, after a 0.5% drop in sales over nine months, despite returning to growth in the third quarter alone and confirming its annual guidance. Other declines were more moderate: Saint-Gobain fell 1.64%, Renault 1.41%, and Pernod Ricard 1.05%, the latter announcing a bond buyback operation financed by a hybrid issuance. This wide gap between winners and losers sums up a session where each publication is judged on a case-by-case basis.