French stocks fell on Wednesday, pressured by declines in the luxury sector, particularly LVMH, which reported disappointing fourth-quarter revenue. The benchmark CAC 40 index dropped 23.32 points, or 0.3%, to 7,875.05.
LVMH's revenue for 2024 was 84.683 billion euros, a 2% decline from the previous year, with net profit down 17% to 12.550 billion euros. Other luxury brands, including Kering and L'Oreal, also experienced losses of 6.1% and 2.6%, respectively.
Despite the downturn in luxury stocks, technology shares provided some support to the market. Investors are closely watching the Federal Reserve's monetary policy announcement expected later today, where rates are anticipated to remain unchanged. The European Central Bank is set to announce its policy on Thursday, with a 25-basis point rate cut expected.