The flagship index of the Paris market, which surpassed the 8,000-point threshold for the first time in its history in March 2024, reached its all-time intraday high just over a month ago, on November 13, at 8,314.23 points. Not to mention a record closing high hit on October 21 at 8,258.96 points.
The Parisian blue-chip index, shaken by political turbulence following the dissolution of the National Assembly in 2024, still lags far behind its European neighbors. Frankfurt's DAX 40 and London's FTSE 100 climbed by 23.01% and 21.56% respectively. Milan (+31.47%) and Madrid (+49.22%) also soared this year.
Paris Stock Exchange: Winners and Losers
The banking sector had a strong year, with BNP Paribas up 36.31% and Crédit Agricole up 32.28%. However, the top spot goes to Société Générale, which soared 153.02%, benefiting from a sector-wide rebound. The bank's stock had been trading at a discount compared to its peers. Moreover, SG posted stellar results throughout the year, often record-breaking, with improved profits and profitability.
ArcelorMittal (+74.28%) stood out thanks to a combination of positive factors. The group delivered results that beat expectations, notably with its third-quarter report on November 6. These results were also accompanied by favorable outlooks for 2026. The share price benefited from numerous share buybacks for cancellation. The latest such operation occurred on November 21, when the group cancelled 77.809 million treasury shares. Finally, ArcelorMittal appears to be ahead in low-carbon steel, with its XCarb range.
Thales (+65.45%) mainly benefited from the proliferation of conflicts worldwide, which led to increased state defense budgets. For example, over the first nine months of 2025, the group saw its order intake rise by 9% compared to 2024, to €16.762 billion.
At the bottom of the annual ranking for the Paris index, we find Pernod Ricard (-32.94%). The wine and spirits group was hit by two factors. First, a 5.5% decline in sales for the 2024-2025 fiscal year ended June 30, 2025, especially in major markets like China and the United States. Second, Pernod Ricard fell victim to trade wars, with numerous uncertainties related to US tariffs and China's brandy tax in response to European tariffs on electric vehicles. This cocktail sent the group's stock to the bottom of the CAC 40.
Second-biggest drop of the year: Dassault Systèmes. The CAD/CAM software provider lost ground throughout the year, but its decline accelerated at the end of October. On October 23, the stock plunged 12.98%, returning to April 2020 levels. The group issued a warning on growth, now expected between 4% and 6% in 2025, compared to a previous range of 6% to 8%. Dassault Systèmes is notably exposed to the automotive sector, which faced a challenging environment this year.
Stellantis (-25.66%) was the third-biggest faller on the CAC 40 in 2025, closely followed by Renault (-24.72% for the year). The sector faced fierce Chinese competition, especially in electric vehicles. Stellantis also suffered from declining profitability, a leadership crisis with the departure of the iconic Carlos Tavares, and inventory issues in the United States.
Stock Markets Elsewhere in the World
Setting new records, the S&P 500 gained 17.24% before the December 31 session, while the Nasdaq Composite jumped 21.27% since January 1.
Tokyo (+26.18% since January 1), Seoul (+75.63%), and Hong Kong (+27.77%), like the New York Stock Exchange, benefited from the tech stock boom fueled by the AI frenzy.
A Federal Reserve policy favoring interest rate cuts helped markets rebound after the April downturn triggered by tariffs imposed by Donald Trump on April 2, during "Liberation Day."
Oil Down, Gold and Silver Soaring
On the commodities front, oil posted its steepest annual drop since 2020, amid a backdrop of wars, higher tariffs, increased OPEC+ production, and sanctions against Russia, Iran, and Venezuela.
Brent crude fell nearly 18% over the year, its largest annual decline since 2020, and is heading for a third consecutive year of losses—the longest losing streak ever recorded.
By contrast, gold and silver posted their best year since 1979. Bitcoin, meanwhile, is set for its second annual decline in four years.
Special Mention for Copper
Copper emerged in 2025 as the top performer among base metals, closing the year with an annual gain of over 40%.
For the first time in its history, the price of the red metal—widely used in the energy and construction sectors—surpassed $12,000 per ton in London before Christmas. In recent days, copper prices had already set several records, but had never before reached the symbolic $12,000 threshold.
Euro and Pound Sterling Deliver
The euro posted its strongest annual gain in eight years in 2025 (+13.51%). The same goes for the pound sterling, which rose 7.5%, its biggest annual jump since a 9.5% surge in 2017.
Conversely, the US dollar is set to record its worst annual performance since 2017. "The dollar is on track for a 9.4% decline over the year, which would mark the steepest drop since 2017. Both periods coincide with the early years of President Trump's two terms. The dollar regained some ground in 2018, when the index rose 4.4%, but we do not expect a similar rebound in the coming year. On the contrary, the downward trend should continue into 2026. The dollar is no longer as overvalued after this year's sharp correction, fueled by increased political uncertainty in the United States under the Trump administration and the Fed's decision to resume rate cuts. These events prompted market participants to increase hedging on US assets, and we expect selling pressure on the dollar to persist into 2026," MUFG explains.
The Chinese yuan posted its strongest annual gain since 2020, supported by a weaker dollar and larger seasonal forex operations by exporters.
The Japanese yen was one of the few currencies not to benefit from the dollar's weakness in 2025, remaining broadly stable over the year, even though the Bank of Japan raised rates twice.
