Stock Markets January 28, 2026

Paris Shares Retreat as Luxury Names Weigh on Benchmarks

CAC 40 and SBF 120 close lower amid broad sector weakness; LVMH posts the largest decline

By Marcus Reed
Paris Shares Retreat as Luxury Names Weigh on Benchmarks

French equities ended the session lower, driven by losses in consumer goods, healthcare and industrials. The CAC 40 closed down 1.06% and the SBF 120 fell 0.96%, with heavyweight luxury stocks among the weakest performers while select technology and industrial names posted gains. Volatility measures and moves in commodities and currencies accompanied the market shift.

Key Points

  • CAC 40 closed down 1.06% and SBF 120 fell 0.96% as Consumer Goods, Healthcare and Industrials pressured the market.
  • LVMH led declines on the CAC 40 with a 7.89% drop; other luxury names Hermes and Kering also fell sharply, while STMicroelectronics, Pernod Ricard and Publicis were among the session's gainers.
  • Market breadth was narrow with 236 decliners, 234 advancers and 98 unchanged; Alstom hit a three-year high, and the CAC 40 VIX reached a 52-week peak at 18.96.

Paris equity indices finished in negative territory on Wednesday, with pressure coming from the Consumer Goods, Healthcare and Industrials sectors. At the close, the CAC 40 was down 1.06% while the broader SBF 120 declined 0.96%.

Among CAC 40 constituents, STMicroelectronics NV (EPA:STMPA) was among the top performers, rising 2.19% or 0.54 points to finish at 24.97. Pernod Ricard SA (EPA:PERP) advanced 1.97% or 1.44 points to end the day at 74.36, and Publicis Groupe SA (EPA:PUBP) appreciated 1.29% or 1.08 points to close at 85.00.

Conversely, several luxury and consumer names recorded notable declines. LVMH Moet Hennessy Louis Vuitton SE (EPA:LVMH) led losses on the CAC 40, falling 7.89% or 46.50 points to finish at 542.80. Hermes International SCA (EPA:HRMS) dropped 3.76% or 80.00 points to close at 2,050.00, and Kering SA (EPA:PRTP) slid 3.02% or 8.30 points to 266.20 at the end of trading.

On the SBF 120 index, Eutelsat Communications SA (EPA:ETL) posted the session's largest percentage gain, up 11.24% to 2.42. SES (EPA:SESFd) climbed 8.02% to settle at 6.87, while Alstom SA (EPA:ALSO) rose 5.81% to close at 27.70. The weakest SBF 120 performers mirrored the CAC 40, with LVMH down 7.89% to 542.80, Worldline SA (EPA:WLN) losing 5.07% to 1.43, and Hermes down 3.76% to 2,050.00.

Market breadth was tilted toward decliners, with falling stocks outnumbering advancing ones on the Paris Stock Exchange by 236 to 234; 98 issues finished unchanged. Notably, Alstom SA (EPA:ALSO) touched three-year highs during the session, gaining 5.81% or 1.52 to reach 27.70.

Volatility and commodity moves accompanied equity action. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was unchanged at 0.00% to 18.96, marking a new 52-week high. In commodities, Gold Futures for April delivery was up 4.21% or 215.45 to $5,336.05 a troy ounce. Crude oil for March delivery rose 0.48% or 0.30 to $62.69 a barrel, and the April Brent contract increased 0.39% or 0.26 to trade at $66.85 a barrel.

Currency markets showed movement alongside stocks. EUR/USD was down 0.85% to 1.19, while EUR/GBP was unchanged 0.39% to 0.87. The US Dollar Index Futures was higher, up 0.29% at 96.32.

Overall, the session reflected divergent sector performance: technology and select industrials posted gains, while consumer goods and luxury names underperformed. Broader market indicators signaled elevated implied volatility and varied commodity and currency shifts, which accompanied the equity declines at the close.

Risks

  • Elevated implied volatility as indicated by the CAC 40 VIX at a 52-week high may increase near-term trading risk for equity investors, impacting sectors such as consumer goods and luxury.
  • Concentration of losses among major luxury firms could weigh on the consumer goods sector and the broader index performance.
  • Movements in commodities and currencies, including sizeable changes in gold futures and a weaker EUR/USD, introduce cross-market uncertainties that could affect commodity-sensitive and export-oriented industrials.

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