On Thursday, the Paris CAC 40 slipped by 0.1% to approximately 8,069, relinquishing gains from the prior session. This decline came as investors exercised caution ahead of impending no-confidence votes. France's recently reappointed Prime Minister, Sébastien Lecornu, faces two no-confidence votes in the National Assembly today. He has garnered some support from the Socialists after halting President Emmanuel Macron's significant pension reform.
In the equities market, luxury stocks experienced a pullback from the previous session's rise. Kering led this downturn, falling by 2.4%, following Berenberg's downgrade from “hold” to “sell,” with concerns about high valuation and a 14.6% drop in revenue over the past year. Hermès decreased by 0.9%, and LVMH slightly dipped by 0.1%. Conversely, Pernod Ricard climbed by 1.7%, despite experiencing a 7.6% organic and 14.3% reported revenue decrease in the first quarter of 2025/2026. The company maintained its full-year 2026 guidance and forecasted improved sales in the second half of the year. Additionally, gains were seen by Essilor, up 1.3%, Edenred, increasing by 0.6%, and Michelin, rising by 0.5%.
