The CAC 40 loses ground at midday ahead of the Christmas break

Kering and Schneider Electric boost the market

In a sluggish market, a few stocks still manage to stand out. The luxury group Kering shows the best performance among the tracked selection, with a gain of 0.79% to 304.95 euros, continuing its recovery after several difficult months. The stock had suffered significantly last October after posting a 10% decline in quarterly revenue, particularly impacted by the challenges faced by its key brand, Gucci. The group, which recently announced the gradual acquisition of jeweler Raselli Franco Group and completed the sale of Kering Beauté to L'Oréal, seems to be gradually regaining investor confidence. Schneider Electric rose by 0.34% to 236.65 euros, benefiting from a consistently favorable sentiment after unveiling its medium-term ambitions at the beginning of December. The electrical equipment specialist now aims for an average annual growth of 7 to 10% by 2030, banking on the growth of data centers and artificial intelligence. TotalEnergies also edged up 0.32% to 55.99 euros, while Legrand and Thales posted more modest increases of 0.16% and 0.13% respectively. These limited gains reflect a market without major catalysts, where participants prefer to consolidate their positions before the holiday season. The particularly low trading volumes across all these stocks confirm this widespread caution.

Stellantis and Pernod Ricard Weigh on the Index

In contrast, several heavyweights of the Paris stock market are showing significant declines. Automaker Stellantis recorded the largest drop, down 2.18% to 9.686 euros, extending a difficult 2025 characterized by disappointing results and ongoing challenges in the North American market. The stock had benefited in mid-December from favorable announcements by the European Commission regarding the easing of automotive emissions standards, but this positive momentum now seems to be fading. Pernod Ricard fell by 1.86% to 74.78 euros, despite Barclays upgrading its recommendation to « overweight » in early December. The spirits group remains caught in a downward trend, grappling with major operational challenges in China and the United States, its two strategic markets. Massive de-stocking by American and Chinese distributors continues to weigh on short-term prospects. Carrefour slipped 1.36% to 14.17 euros, and Danone declined by 1.34% to 76.72 euros, illustrating profit-taking in the consumer goods sector. Eurofins Scientific rounds out this negative picture with a decrease of 1.26% to 60.98 euros. These downward movements occur in a year-end context where investors are adjusting portfolios before the winter break, prioritizing caution while awaiting greater clarity on the economic outlook for 2026.

A Parisian Market Slowing Down Before Christmas

This somewhat lackluster session aligns with a year-end schedule traditionally not conducive to significant stock market moves. European markets will close at midday Wednesday for the long Christmas weekend, explaining the lack of risk appetite observed since the opening. Particularly low trading volumes reflect the early departure of many participants on holiday. Wall Street will also experience a partial closure this week, further limiting transatlantic arbitrage opportunities. Despite this sluggishness, the CAC 40 maintains a positive track record over recent weeks, buoyed by prospects of monetary easing by the European Central Bank and signs of slowing U.S. inflation. The Paris index is now less than 2% from its record high set on November 13, demonstrating notable resilience in a challenging economic and geopolitical environment. However, investors will have to wait until early January to return to normal activity. Until then, economic reports will be scarce, and corporate announcements virtually nonexistent. The January return will be marked by the start of the fourth quarter earnings season, a critical time for assessing the solidity of growth in French and European companies. In the meantime, operators will closely monitor developments in international trade tensions and statements from central bankers, which could influence expectations for the coming year.