French Stocks Hit Near 2-Month Low

2026-11-05 08:48 By Czyrill Jean Coloma 1 min. read

The CAC 40 climbed 1.2% to 8,279 on Thursday, extending gains from the previous session and reaching its highest level in nearly two months.

The advance mirrored gains across European markets, as a Democratic sweep of the US Congress fueled a broad-based recovery in global equities and raised expectations that the election outcome could intensify pressure on Trump to bring the conflict with Iran to an end.

Sentiment was further supported by a rotation out of tech stocks and into other sectors, with the Democrats' electoral victory raising concerns about potential regulatory pressures on chipmakers.

Domestically, industrial production fell 0.5% month-on-month in September 2026, extending the previous month's 0.4% decline and defying expectations of a 0.3% rebound.

Luxury stocks led the advance, with LVMH rising 3.3%, Hermes gaining 3.4% and Kering adding 1.1%.

Conversely, TotalEnergies (-2.5%), STMicroelectronics (-1.8%), Dassault Aviation (-1%) and Thales (-0.9%) underperformed.



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The CAC 40 trimmed its gains to 0.5% to hover around 8,000 on Thursday as technology stocks tumbled alongside US chipmakers. Investors reduced their exposure to the sector amid concerns that the Democrats’ sweep of Congress could affect the rollout of artificial intelligence. A UBS basket of European semiconductor stocks fell nearly 8%, reaching its lowest since April. STMicroelectronics plunged more than 9.5%, while Schneider Electric lost nearly 2%. On the other hand, the Democrats’ victory gives them a stronger platform to challenge US President Trump’s trade policies. Among the sectors most exposed to Trump’s tariffs, luxury goods are particularly vulnerable given their reliance on wealthy US consumers. Hermès edged higher, while L’Oréal gained nearly 2%. Broader markers were supported by a rotation out of technology stocks into other sectors. Most industrial shares advanced, with Sanofi rising over 1%, Air Liquide up nearly 2% and Bouygues adding close to 3%.
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