FX.co ★ French Stocks Slide on Tech Valuation Worries

On Thursday, the CAC 40 dropped by 0.7%, settling at approximately 8,018 points and reversing the slight gains observed in the previous session. This decline was primarily driven by a significant selloff in technology-related stocks. Legrand saw a sharp decline of over 10% following the announcement of its nine-month sales reaching €6.97 billion, which fell slightly below market expectations and raised concerns about high valuations within the tech sector. Teleperformance plummeted 7% after revising its yearly targets downward, reporting a 0.5% decrease in third-quarter revenue to €2.51 billion. Schneider Electric fell by 2.4% amidst news of a new collaboration with NVIDIA to create "AI factory" infrastructure. The downturn in the technology sector extended to other companies as well, with Dassault Systèmes and STMicroelectronics declining by 0.6% and 1.3%, respectively. On a brighter note, ArcelorMittal's shares rose by 5.2% after their third-quarter EBITDA came in at $1.51 billion, aligning with forecasts and showing optimism for 2026 despite current demand challenges. Additionally, Veolia's stock increased by 0.7% after it reported a 5.4% increase in nine-month EBITDA to €5.08 billion, surpassing expectations.