CAC 40: Paris Holds Steady Despite Oil Above $100 and ECB Anticipation

A Session Hinged on the ECB and Oil

The mood remains cautious on European markets as investors keep an eye on the European Central Bank meeting. Money markets are almost fully pricing in a 25 basis points increase in the deposit rate, which would rise from 2.25% to 2.50%. The reason: a rebound in eurozone inflation, which climbed to 3.3% year-on-year in August, its highest since September 2023, driven by energy.

Meanwhile, oil has regained the spotlight. Brent crude surpassed the $100 per barrel mark on September 9 for the first time since late July, amid escalating tensions between the United States and Iran and concerns around the Strait of Hormuz. This double shock of high energy prices and monetary tightening is weighing on sentiment without derailing the Paris market.

The distribution remains favorable to increases: 24 CAC 40 stocks are advancing, compared to 15 declining and one stable. It's more of a balance rather than a clear overall movement.

Banks and Telecoms Lead, Orange Backed by Analysts

At the top of the leaderboard, Orange marks the best performance of the index, rising 1.31% to 15.42 euros. The operator announced having raised 4.1 billion euros through a four-tranche bond issue, which it presents as a sign of confidence in its strategic plan. The stock also benefits from analyst comments, with Grupo Santander raising its recommendation to « outperform."

Financial stocks joined the movement. Société Générale gains 0.97% to 74.20 euros, boosted by a price target increase at Jefferies. Euronext advances 0.82% to 160.40 euros. The luxury sector is not left behind with Hermès International (+0.71%), while AXA progresses by 0.68%, as the insurer launched its employee shareholding plan, Shareplan 2026, open to more than 110,000 employees.

Consumption and Materials Under Pressure

On the other hand, consumer stocks are declining. Pernod Ricard is at the bottom with a drop of 1.87% to 58.92 euros. L'Oréal loses 1.06% to 377.65 euros, and Danone falls 0.76%. EssilorLuxottica also declines by 0.97% to 147.55 euros. The eyewear manufacturer remains under watch after a turbulent period: its board of directors recently unanimously reaffirmed its confidence in CEO Francesco Milleri and in the group's strategy, as the stock had reached a low point since 2022 in early September.

In the materials sector, ArcelorMittal declines by 0.84% to 65.86 euros. The session's landscape thus remains mixed: banks and telecoms are supporting the index, while consumer and industrial sectors are weighing it down. It's a fragile balance as the ECB's decision is still awaited.