CAC 40 Struggles: Tech and Defense Weigh Down Paris Ahead of Trump-Xi Summit

A Morning of Diplomatic Tension

The atmosphere is tense this Thursday on Euronext. The trading session unfolds against a backdrop of Sino-American trade tensions, as Donald Trump hosts Xi Jinping at the White House. Investors remain cautious: several sensitive issues remain unresolved, from tariffs to artificial intelligence, including rare earths, technological restrictions, and the situation in the Middle East.

Paris's decline is part of a broader European trend. The SBF 120 drops by 0.75% to 6,113.19 points, while the DAX falls by 0.81% to 25,203.68 points, and the STOXX 600 surrenders 0.56% to 636.31 points. Across the Atlantic, the trend was already downward the previous day: at Wednesday's close on Wall Street, the S&P 500 had lost 0.75%, the Nasdaq 100 0.85%, and the Dow Jones 0.68%. The dispersion of values in the CAC 40 clearly reflects the climate: only a handful of stocks are resilient.

TotalEnergies and Carrefour Against the Current

In this declining landscape, a few stocks are standing out. Leading the way, TotalEnergies gains 1.06% to 80.46 euros, as Brent once again surpasses 105 dollars this morning. The company announced that along with its Nigerian partner AMNI, it has made the final investment decision for the development of the Ima gas field offshore Nigeria, with production expected in 2028.

Following closely, Carrefour advances 0.9% to 16.31 euros, with Eurofins Scientific rising by 0.53%. L'Oréal progresses by 0.38% to 381.95 euros, as the cosmetics group announced on September 24 the terms of a 2 billion euro bond issue, structured in three tranches. Pernod Ricard rounds out the small group of gainers with an increase of 0.37%.

Technology and Defense at the Forefront of the Pullback

The bottom of the leaderboard is dominated by technology stocks. STMicroelectronics leads the index's decline, down 2.87% to 44.79 euros, in a sector particularly exposed to Sino-American tensions over semiconductors and rare earths. Capgemini drops 1.98% to 104 euros.

The defense sector is not spared: Thales falls by 2.43% to 232.9 euros. EssilorLuxottica declines by 2.07% to 146.85 euros, despite the presentation, on the sidelines of the Meta Connect event, of a new generation of smart glasses developed with Meta Platforms. The automotive sector also struggles: Renault loses 2.03% to 26.06 euros. The manufacturer has nonetheless multiplied commercial announcements, from the rollout of its brands at the Paris Motor Show to a limited series of the Renault Rafale. A morning where geopolitics sets the pace more than company-specific news.