France: CAC 40 Eases From Historic High.

The CAC 40 slipped 0.2% to around 8,497 on Monday, giving back its record high as global investors navigated the fallout of a renewed 15% US global tariff surcharge and rising geopolitical friction. While the US Supreme Court initially provided a lift by striking down previous emergency duties, President Trump's immediate pivot to Section 122 surcharges re-ignited trade headwinds for Europe's export-dependent giants. Defense and industrial shares led the decline, with Thales dropping 4.1% and Airbus falling 3.5%, pressured by regional uncertainty and shifting defense budgets. Luxury majors showed resilience in the face of tariff noise as LVMH rose 0.6% and Kering gained 3.1%, though Hermes slipped 0.4% as traders favored broad consumer giants over niche luxury. The energy sector provided a buffer as TotalEnergies gained 1.1% amid firming oil prices. Financial giants BNP Paribas, Societe Generale, and Credit Agricole added between 0.8% and 1.2%.