DAX gains 0.6 per cent as luxury stocks weigh on Paris and Publicis nears 52-week high

The DAX closed 0.63 per cent higher at 26,003.32 while the CAC 40 added a marginal 0.07 per cent to 8,286.40 in a session where 47 of 78 constituents advanced and 31 declined. The Euro Stoxx 50 rose 0.32 per cent to 6,382.59. Volume across the three benchmarks registered at zero times the 20-day average, a figure that reflects the data provider's normalisation rather than an absence of trading. The DAX sits 2.3 per cent below its 52-week high of 26,618.74, the CAC 40 is 5.4 per cent off its peak of 8,755.03 and the Euro Stoxx 50 is 3.0 per cent below 6,577.20.

• DAX: +0.63% to 26,003.32, 2.3% below 52-week high
• CAC 40: +0.07% to 8,286.40, 5.4% below 52-week high
• Euro Stoxx 50: +0.32% to 6,382.59, 3.0% below 52-week high
• Market breadth: 47 advancers, 31 decliners of 78 issues
• Benchmark volume: all three indices at 0x 20-day average

Risers led by advertising and IT services

Session movers, German and French equities, 2026-09-03 (close, percentage change, volume against the 20-day average)

Instrument	Close	Day	5-day	Volume vs avg
Capgemini EUR	110	+4.66%	+0.46%	0.86x
Publicis EUR	103.75	+4.40%	+2.42%	1.33x
Stellantis EUR	4.71	+4.28%	+2.89%	0.53x
Kering EUR	244.6	-2.02%	-2.37%	1.33x
Hermes EUR	1,481.5	-3.30%	-5.21%	1.22x
EssilorLuxottica EUR	152.95	-3.62%	-2.89%	1.31x
Source: exchange closing data via Yahoo Finance, session of 2026-09-03.

Publicis gains 4.4 per cent on PepsiCo media win

Publicis Groupe shares rose 4.40 per cent to €103.75, the second-largest advance in the universe, on volume 1.33 times the 20-day average. The stock has added 2.42 per cent over five days and 6.78 per cent over one month, leaving it 1.0 per cent below its 52-week high of €104.85. The session's reported news flow included PepsiCo handing its global media account to Publicis amid what the report described as a transformation at the consumer goods giant. The advertising group also featured in a separate announcement naming Adam Skinner as chief executive of Onescreen, described as a commerce media heavyweight hired to scale modern out-of-home advertising. The combination of a major account win and above-average turnover suggests institutional interest rather than a purely retail-driven move.

Capgemini advances 4.7 per cent despite thin volume

Capgemini led the risers with a 4.66 per cent gain to €110.00, though volume came in at 0.86 times the 20-day average, indicating the move occurred on lighter-than-usual participation. The shares have risen 0.46 per cent over five days and 0.92 per cent over one month, but remain 28.1 per cent below the 52-week high of €153.05. Reported items attached to the name include a piece on wealth versus liquidity, a note on three outsourcing stocks to consider despite industry challenges, and several headlines concerning TotalEnergies' entry as operator of the PEL 83 licence and industry leaders joining forces to scale hydrogen mobility. The outsourcing reference and the hydrogen mobility partnership are the only items that directly reference Capgemini's addressable markets. The low volume relative to the price move warrants caution in reading too much into the single-session performance.

Stellantis rises 4.3 per cent on low turnover

Stellantis added 4.28 per cent to €4.705 on volume of just 0.53 times the 20-day average, the thinnest trading among the six highlighted movers. The stock has gained 2.89 per cent over five days but is down 4.10 per cent over one month, and sits 55.2 per cent below its 52-week high of €10.494. Reported news included a cosmetic update adding a ninth exterior colour to the 2027 Dodge Durango lineup, the opening of contract talks by Unifor covering more than 9,000 Canadian workers, and chief executive Antonio Filosa's scheduled participation in the 2026 Jefferies Global Industrials Conference. A separate item noted European stocks closing mostly lower on Tuesday amid inflation and government debt concerns, while another referenced Ford's August sales. The Canadian labour negotiations and the conference appearance are the only items with a direct line to Stellantis operations. The combination of a large percentage move on very low volume suggests the advance may reflect short-covering or a lack of sellers rather than fresh buying conviction.

Luxury and eyewear extend declines on heavy volume

EssilorLuxottica falls 3.6 per cent to fresh 52-week low territory

EssilorLuxottica declined 3.62 per cent to €152.95 on volume 1.31 times the 20-day average. The stock has fallen 2.89 per cent over five days and 10.79 per cent over one month, placing it 52.8 per cent below its 52-week high of €323.80 and just €0.55 above the 52-week low of €152.40. The only reported item was a routine disclosure of share capital and voting rights outstanding as of 31 July 2026. The absence of operational news alongside heavy volume and a proximity to the annual low suggests the move may reflect continued positioning ahead of a catalyst not yet in the public domain, or a response to broader luxury sector weakness.

Hermes drops 3.3 per cent, 35.6 per cent off peak

Hermes International fell 3.30 per cent to €1,481.50 on volume 1.22 times the 20-day average. The five-day change is -5.21 per cent and the one-month change -4.17 per cent. The shares are 35.6 per cent below the 52-week high of €2,300 and 1.1 per cent above the low of €1,465.50. A reported item described the launch of an on-chain marketplace for authenticated luxury goods by Beezie and The Luxury Closet, a development that touches on the secondary market for Hermes products but does not directly involve the company. The decline extends a pattern of underperformance relative to the broader market and coincides with above-average turnover.

Kering slips 2.0 per cent as luxury sector pressure persists

Kering lost 2.02 per cent to €244.60 on volume 1.33 times the 20-day average, matching Publicis for the highest relative volume among the six names. The stock is down 2.37 per cent over five days and 13.96 per cent over one month, leaving it 30.9 per cent below its 52-week high of €354.20 and 8.7 per cent above the low of €225.10. Reported items included a market research note projecting the global personal luxury goods market to reach $737.38 billion by 2030, featuring profiles of LVMH, Kering and Richemont, and a separate piece on Saks and Neiman Marcus attempting a fresh foot forward. The research note is forward-looking and not company-specific, while the department store item reflects the wholesale channel environment. The consistent heavy volume across the three luxury-adjacent decliners, EssilorLuxottica, Hermes and Kering, points to sector-wide repositioning rather than idiosyncratic stories.

Session reading: defensive rotation absent, luxury pressure coherent

The session's most coherent theme is the coordinated decline in luxury and luxury-adjacent names on elevated volume. EssilorLuxottica, Hermes and Kering all traded above 1.2 times their 20-day averages while falling between 2.0 and 3.6 per cent. EssilorLuxottica's position within €0.55 of its 52-week low, Hermes at 1.1 per cent above its low and Kering at 8.7 per cent above its low suggest a spectrum of distress within the sector. The one-month declines of 10.8 per cent, 4.2 per cent and 14.0 per cent respectively indicate this is not a single-session event.

On the rising side, the three leaders share no obvious sector link. Publicis is an advertising and communications group, Capgemini an IT services and consulting company, and Stellantis an automotive manufacturer. Publicis traded heavily and sits near its 52-week high; Capgemini and Stellantis rose on below-average volume and remain far from their peaks, 28.1 per cent and 55.2 per cent respectively. The divergence in volume profiles argues against a single factor driving the advances. Publicis's move has the strongest technical confirmation; the other two require follow-through to establish a trend.

The DAX's 0.63 per cent gain versus the CAC 40's 0.07 per cent reflects the index composition: the German benchmark contains no direct luxury exposure comparable to the French index's weighting in LVMH, Kering and Hermes, while the DAX's industrial and automotive names benefited from Stellantis's advance (Stellantis is listed in both Paris and Milan but the Paris line moved the CAC 40). The Euro Stoxx 50's 0.32 per cent rise sits between the two.

EssilorLuxottica closes at €152.95, 52.8 per cent below its 52-week high and 0.4 per cent above its 52-week low. The next scheduled disclosure is the half-year results, typically released in late July; the share capital disclosure dated 31 July 2026 suggests the company is in a quiet period ahead of the next financial communication.