French Stocks Track European Peers Higher
The CAC 40 advanced 0.3% to 8,046 on Wednesday, rebounding from losses in the previous session and tracking a broadly positive mood across European markets following the US midterm elections. The Democrats’ sweeping victory reflected voter dissatisfaction with economic pressures and the conflict in Iran, while raising expectations that the Trump administration could face greater constraints on its tax and spending plans. Still, concerns over AI infrastructure earnings persisted as newly elected lawmakers voiced opposition to data center expansion. Domestically, the Composite PMI slipped to 46.6 in October from 51.1 in September, worse than the expected 48.4. The Services PMI also fell to 46.2 from 51.2, worse than expectations of 48.4. Banking stocks led the gains, with BNP Paribas (2.3%), Crédit Agricole (2.0%), and Société Générale (3.4%) posting strong advances. Conversely, Thales (-3.7%), Dassault Systèmes (-2.1%), EssilorLuxottica (-1.6%), and L'Oréal (-0.3%) lagged.
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The CAC 40 advanced 0.3% to 8,046 on Wednesday, rebounding from losses in the previous session and tracking a broadly positive mood across European markets following the US midterm elections. The Democrats’ sweeping victory reflected voter dissatisfaction with economic pressures and the conflict in Iran, while raising expectations that the Trump administration could face greater constraints on its tax and spending plans. Still, concerns over AI infrastructure earnings persisted as newly elected lawmakers voiced opposition to data center expansion. Domestically, the Composite PMI slipped to 46.6 in October from 51.1 in September, worse than the expected 48.4.
The Services PMI also fell to 46.2 from 51.2, worse than expectations of 48.4. Banking stocks led the gains, with BNP Paribas (2.3%), Crédit Agricole (2.0%), and Société Générale (3.4%) posting strong advances. Conversely, Thales (-3.7%), Dassault Systèmes (-2.1%), EssilorLuxottica (-1.6%), and L'Oréal (-0.3%) lagged.