Around 10:30 a.m., the CAC40 was down about 0.4% near 8,300 points, while the pan-European Stoxx Europe 600 index was up more than 0.2%. This comes after a 0.5% drop in the American S&P 500 index the previous day.

The Paris market is struggling to end its consolidation phase that has been ongoing since the start of the week, amid renewed geopolitical tensions and growing questions about the independence of the Fed.

"Geopolitics, the credibility of economic policies, economic uncertainty, and the rotation seen in AI are all factors likely to influence markets in 2026," warns Charu Chanana, Chief Investment Officer at Saxo.

According to her, it is wise to "avoid a portfolio relying on a single dynamic: for example, stable oil prices, a single scenario for interest rate developments, a single style in equities, or just one segment within AI."

The fourth-quarter earnings season continues today with reports from Morgan Stanley, Goldman Sachs, and BlackRock—a theme that could also encourage a degree of caution among market participants.

"It must be said that we are entering this earnings season with particularly high expectations, with upward revisions and largely favorable outlooks, contrary to historical trends," observes Danske Bank.

On the economic front, markets will be focused today on weekly jobless claims and the "Empire State" index in the United States, following European industrial production figures around 11:00 a.m.

Meanwhile, it is worth noting that consumer prices in France rose by 0.8% in December 2025, a slight slowdown after +0.9% in November, according to Insee, which confirmed its preliminary estimate.

In the United Kingdom, industrial production climbed 1.1% in November compared to the previous month, after rising 1.3% in October, while the trade deficit narrowed by £1.2 billion to £18.9 billion.

In Paris stock news, Société Générale gained nearly 1% with support from Morgan Stanley, which maintained its "overweight" rating and raised its price target from 69 to 83 euros for the banking group's shares.

Elsewhere in Europe, Richemont fell 3% and Geberit dropped nearly 4% in Zurich after their respective activity updates, while Ericsson gained more than 1% in Stockholm following a plan to cut 1,600 jobs in Sweden.