The CAC 40 slipped 0.5% to below 8,220 on Wednesday, retreating from the record highs reached in the previous session, as sharp declines in Hermès and L’Oréal weighed on the index. L’Oréal shares fell around 5.6% after third-quarter 2025 sales of €10.3 billion missed expectations, driven by weaker performance in North America, uncertainty over future quarters, and concerns about slower growth in China. Hermès shares dropped 4.0% as Q3 sales rose 9.6% year-on-year to approximately €3.88 billion, slightly below market expectations, due to weaker-than-expected results in its leather goods and saddlery unit. On the political front, French President Emmanuel Macron suggested that a nationwide referendum could still be used to resolve the pension reform debate, following Prime Minister Sébastien Lecornu’s suspension of the bill.

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