Thus, by mid-session, the CAC 40 was down by around 0.3% at 8,340 points, underperforming the Stoxx Europe 600 (down about 0.1%), while futures on the S&P 500 (-0.7%) at this stage indicated a gloomy opening on Wall Street.

Concerns over the Fed's independence are weighing on the dollar and benefiting precious metals: gold hit a new record at $4,600.33 an ounce, while silver also reached an all-time high at $84.609 an ounce.

Geopolitical tensions remain a major source of concern, as Washington continues to threaten military intervention against Iran in response to the crackdown on local protests.

Caution also prevails as JP Morgan Chase is set to kick off the U.S. earnings season on Tuesday, followed by other major American banks such as Bank of America and Goldman Sachs.

According to FactSet, analysts expect S&P 500 components' earnings to grow by 8.3% in the fourth quarter, which would mark the tenth consecutive quarter of earnings growth for companies in the index.

The only data released this morning in Europe, the Sentix index measuring investor confidence in the eurozone, reached its highest level since July 2025, rising from -6.2 to -1.8 points, whereas analysts had forecast only -5.1 points.

On the equities front, Abivax soared 24% in Paris, buoyed by rumors of a $15 billion acquisition by Eli Lilly, while BE Semiconductor gained 8% on the back of sharply rising orders.

Conversely, IT services stocks are under pressure following a negative note from Morgan Stanley, which downgraded several companies in the sector, including Capgemini, which fell 4% in Paris.

Meanwhile, Exosens advanced 4% after announcing the signing of a contract for its new 5G image intensifier tubes with Actinblack, a manufacturer of advanced night vision systems.