CAC 40: Semiconductors Ignite the Paris Stock Market

A session driven by a few key players

The mood remains cautious in Paris, where the rise in the index masks a mixed market. Early in the afternoon, there are only 15 stocks up compared to 24 down and one stable: the CAC 40's gains are thus based on a limited number of heavyweights rather than a broad upward movement.

This performance occurs in a market climate dominated by anticipation, as investors scrutinize the trajectory of U.S. inflation and digest the rebound of major global indices observed earlier in the week. In Europe, the trend is generally upward: the STOXX 600 is up 0.34% during the session, the DAX advances by 0.73%, and the FTSE 100 rises by 0.35%. Across the Atlantic, results are more mixed, with the S&P 500 having dropped 0.38% at Tuesday night's close on Wall Street and the Nasdaq 100 declining by 0.60% in the same session.

STMicroelectronics and the Industry in the Spotlight

The technology and industrial sectors are setting the tone. STMicroelectronics jumps 5.07% to 42.14 euros, marking the biggest increase on the index and reflecting renewed interest in semiconductor stocks. Following its lead, Schneider Electric rises 3.04% to 242.50 euros, and Legrand gains 1.99% to 138.30 euros, two leading companies in electrification and industrial equipment.

ArcelorMittal follows with an advance of 1.85% to 59.60 euros. The steelmaker announced on November 9 that Brad Davey will retire on January 1, 2027, with his roles being distributed among three executives. TotalEnergies rounds out the top performers with an increase of 1.66% to 79.50 euros. The oil group shared, on November 10 alongside COP31 in Antalya, the progress report for the 2026 Oil & Gas Decarbonization Charter, in which Patrick Pouyanné is one of the key figures. Among financial intermediaries, Jefferies has reiterated its buy rating on the stock, raising its price target from 90 to 92 euros.

EssilorLuxottica and Defensive Stocks Lagging Behind

On the other hand, EssilorLuxottica marks the biggest drop in the index, losing 2.61% to €182.70. The decline also affects commercial real estate with Unibail-Rodamco-Westfield, down 1.51% to €93.74, a sector traditionally sensitive to the high level of French rates. The 10-year OAT remains around 4.75%, maintaining a yield spread close to 150 basis points with the German Bund, indicating a risk premium on the French rating.

Construction materials are also declining, with Saint-Gobain falling by 1.39% to €75.28. In beverages, Pernod Ricard loses 1.27% to €71.24, while the automotive sector remains under pressure with Stellantis, down 1.07% to €3.79. This retreat of defensive and cyclical stocks confirms the nature of a two-speed session, where the handful of technological and industrial leaders is enough to keep the Paris index in positive territory.