Overnight, Emmanuel Macron announced the death of a French non-commissioned officer during an attack in the Erbil region of Iraqi Kurdistan. This marks the first French military fatality since the start of the Middle East conflict. Mojtaba Khamenei, Iran's new Supreme Leader, declared yesterday that the Strait of Hormuz must remain closed to increase pressure on the United States and Israel. According to Reuters, Trump claimed during a G7 call this morning that Iran is "on the verge of surrendering."

In the oil market, Brent crude was down 0.51% around 10 a.m., though it remained above the 100-dollar threshold at 101.20 USD. WTI was trading 0.19% lower at 96.35 USD. A sustained rise in energy prices could reignite inflationary pressures and force central banks to revise their interest rate strategies. In the eurozone, markets are now pricing in an ECB rate hike by July, with an estimated 70% probability of a second increase by December.

On the statistical front, investors digested inflation data from France. Year-on-year, consumer prices rose by 0.9% in February 2026, following a 0.3% increase in January, according to Insee. The institute also revised its January estimate downward by 0.1 percentage points compared to the provisional figures released in late February. This acceleration in inflation is largely explained by a less pronounced drop in energy prices (-2.9% after -7.6%), notably due to a base effect related to electricity prices, which had fallen sharply in February 2025.

In the United States, investors will be watching the 1:30 p.m. release of the PCE index, the Federal Reserve's preferred inflation gauge, ahead of the Fed's next monetary policy decision scheduled for next week (March 17-18).

Luxury in the Red

Against the backdrop of the oil crisis, TotalEnergies (+1.36%) is among the top performers on the CAC 40 index.

Conversely, luxury stocks are being hit hard. Kering (-2.70%), L'Oréal (-2.04%), and LVMH (-2.05%) are trailing the Paris benchmark, as the sector remains one of the primary victims of persistent tensions in the Middle East. According to Bernstein estimates, LVMH, Richemont, and Kering are on the front lines with 8% of their sales generated in the region, while houses like Hermès (-1.08%) have a more limited local footprint.

Worldline (+18%) is soaring at the top of the SBF 120 index following the launch of a 392 million euro capital increase.

In corporate news, Euronext announced a reshuffle of the SBF 120 index yesterday, marked by the inclusion of biopharmaceutical company DBV Technologies and the removal of natural flavor specialist Robertet.

On the currency market, the euro is down 0.59% at 1.1454 USD.