The CAC 40 dropped 1.1% to close at 7,772 on Thursday, trimming July’s gains to 1.4% as corporate earnings took center stage. Shares of Hermes (-5.2%), Sanofi (-7.8%), and Schneider Electric (-4.6%) weighed heavily on the index after underwhelming results. Hermes slumped as a 9% sales rise masked slower growth in fashion and silk and a decline in beauty and perfume, exposing sensitivity to a broader luxury downturn. Sanofi fell after Q2 profit missed despite a revenue beat, hurt by rising costs. Schneider posted record H1 revenue and adjusted earnings, but flagged lower margins and a steep drop in free cash flow. In contrast, Societe Generale jumped 6.9% after beating Q2 expectations, while Safran gained 3.1% to a record high on strong H1 core profit and an upgraded full-year outlook. On the data front, French producer prices fell 0.2% in June, the smallest monthly decline since February, while preliminary estimates showed consumer inflation held steady at 1% in July.