PARIS — November 12, 2025 — The French stock market pushed higher on Wednesday, with the CAC 40 trading about 1% up in early afternoon deals, hovering just shy of last month’s record. The index changed hands around 8,240, within a morning range of 8,185–8,250, after closing Tuesday at 8,156.23 (+1.25%). Its 52‑week range sits at 6,763.76–8,271.48, the latter also an all‑time high set in October. 1
The advance followed a broader risk‑on tone across global equities after Wall Street’s latest milestone, with the Dow Jones hitting a fresh record on Tuesday. European benchmarks were broadly firmer at the open, aided by the upbeat handover. 2
Leaders and laggards
Gains on the Paris bourse were led by luxury and financials, with Hermès, BNP Paribas and Crédit Agricole among notable risers. On the downside, Edenred slumped after Brazil unveiled new rules for the country’s vast meal‑voucher market, while STMicroelectronics and Dassault Systèmes edged lower. 3
Why Edenred is under pressure
Brazil on Tuesday signed a decree capping merchant fees at 3.6% and shortening voucher settlement to 15 days, reforms aimed at cutting intermediation costs in a market serving more than 22 million workers. Shares of Edenred—a CAC 40 constituent via its Ticket brand in Brazil—fell around 9% in Paris as investors assessed the earnings impact of the changes, which take effect after a grace period. The company said this morning it “takes note” of the new framework. 4
Macro backdrop: cooler inflation, steady policy
The domestic data backdrop remains benign for equities: France’s CPI slowed to 1.0% year‑on‑year in October on provisional estimates from INSEE, while euro‑area inflation eased to 2.1% on Eurostat’s flash reading. Against that backdrop, the European Central Bank left rates unchanged on October 30, saying the inflation outlook is broadly stable. A soft‑landing mix of cooling prices and steady policy has supported European risk assets into November. 5
Market snapshot (intraday)
- CAC 40: ~8,240, +~1%; day range: 8,185–8,250
- Previous close: 8,156.23 (+1.25%) (Tue)
- 52‑week / record high: 8,271.48 (Oct 21)
Figures reflect early‑afternoon Paris trading; levels may update as the session progresses. 1
The operator’s angle
Exchange group Euronext—which joined the CAC 40 in September—last week reported a sixth straight quarter of growth and unveiled a €250 million share buyback slated to run Nov. 18–Mar. 31. While separate from today’s price action, the results underscore robust market plumbing at the heart of Euronext Paris. 6
What to watch next
- Company‑specific follow‑through on Edenred after the Brazil decree and any quantified guidance from management. 7
- Energy and FX: Oil prices are steady near recent ranges, while the euro trades around $1.16—levels that matter for exporters and luxury names. 8
- Regional tone: Europe’s risk appetite improved after a record close for the STOXX 600 on Tuesday; sustained breadth would help France keep pressing its highs. 9
The bigger picture
The luxury‑heavy CAC 40 remains sensitive to global demand signals and the euro’s path, but cooling inflation and on‑hold ECB policy are providing a supportive backdrop into year‑end. With the index trading within striking distance of its all‑time high, stock‑specific stories—such as Brazil’s regulatory reset for vouchers—are likely to dictate the day‑to‑day winners and losers on Euronext Paris. 5
Editing note: This report reflects market conditions and official data as of Wednesday, November 12, 2025 during Paris trading hours.
