CAC 40 Uncertain Mid-Morning Below 8,020 Points, Aerospace Leads

A Session Driven by Energy Influence

The Paris session is moving slowly, without major domestic catalysts. In the background, the market is absorbing the sharp decline in crude prices: Brent closed the previous day at $102.59 per barrel, down 2.6%, as exports from the Middle East return to growth. The reactivation of the Saudi East-West pipeline and the resumption of loadings at the port of Yanbu have brought some calm to a market still affected by the geopolitical risk premium, particularly around the Strait of Hormuz.

This reduction in energy costs mechanically benefits certain sectors, starting with aerospace, a major consumer of kerosene, while it weighs on oil stocks. The mood remains cautious: Tuesday evening's close on Wall Street saw the S&P 500 slip 0.17% and the Dow Jones 0.26%, with only the Nasdaq 100 managing to stand out with a very modest gain of 0.21%.

Aerospace and Luxury Set the Tone

Leading the gains, Pernod Ricard rises by 1.53% to 60.92 euros. The spirits group is followed by Airbus, which advances by 1.23% to 192.82 euros. The aerospace manufacturer benefits from favorable industrial news: its first A350F prototype successfully completed its inaugural flight from Toulouse, marking the start of a test campaign announced for more than nine months. CIC Market Solutions maintains its buy recommendation, with a target price held at 240 euros.

The aerospace and defense sector remains well-positioned with Safran, up 0.98% to 338.40 euros. Accor gains 1.13% to 46.67 euros, while Stellantis edges up 1.09% to 3.95 euros, despite an analyst's price target being lowered from 5.50 to 4.50 euros, with the recommendation remaining at hold.

Oil and Advertising on the Decline

Conversely, the stocks hit by the decline in crude occupy the bottom of the board. TotalEnergies drops by 1.39% to 76.13 euros. Yet, during a meeting in New York, the group detailed its energy roadmap extended to 2035, with a shareholder return policy targeting more than 5% dividend increase per year by 2030.

However, the largest drop in the index goes to Publicis Groupe, falling 2.03% to 93.84 euros, even as an analytics firm raised its price target from 98 to 106 euros with an overweight rating. Dassault Systèmes follows, down 1.89% to 20.25 euros. The decline also affects infrastructure, with Eiffage down 1.02% to 101.70 euros, as well as insurance, with AXA losing 1.01% to 43.05 euros. A morning without a clear trend, where the easing of oil pressure shapes sector rotations.