The CAC 40 dropped 0.6% to close at 8,207 on Wednesday, retreating from the prior session’s record highs as investors parsed disappointing quarterly results among mega-cap stocks while attention remained on France’s public finances debate. L’Oreal shares plunged 6.7% after third-quarter 2025 sales of €10.3 billion missed expectations. The shortfall reflected weaker performance in North America, uncertainty about coming quarters, and concerns over slower growth in China. Hermes shares fell 2.3% after Q3 sales rose 9.6% year-on-year to about €3.88 billion, below market expectations, hurt by softer-than-expected results in its leather goods and saddlery division. On the political front, President Emmanuel Macron suggested a nationwide referendum could still be used to resolve the pension reform debate, following Prime Minister Sebastien Lecornu’s suspension of the bill.