#MARKETS & INVESTING
"When the economy struggles, the stock market falls." In 2026 the CAC 40 crossed 8,700 points for the first time, an all-time record — even as French growth slows.
Published on October 1, 2026 · to be rechecked on December 30, 2026
The CAC 40, the index of the 40 largest Paris-listed companies, set an all-time record in 2026 by crossing 8,700 points (a peak near 8,690 on 5 August, the 8,700 mark passed afterwards). Meanwhile French growth is expected to be weak, around +0.5% per Insee. The gap makes sense: CAC 40 groups earn most of their revenue outside France; a stock index reflects the global profits of multinationals, not the domestic economy.
Does the stock market track the national economy?
Not really: the CAC 40 sets records (over 8,700 points) while French growth slows.
In other words: the CAC 40 measures the health of global multinationals, not of the French economy.
Five caveats that belong with the number
- The price CAC 40 excludes dividends; the true long-run return is on the CAC 40 GR (dividends reinvested).
- A record in nominal points is not inflation-adjusted.
- The 40 firms earn most of their revenue abroad: the index depends mainly on the world economy and the euro-dollar rate.
- 2026 market levels; an index that rises fast can reverse fast (see gold this year).
- A record level says nothing about how expensive stocks are: that is judged on earnings, not the index level.
Why it still matters: using the CAC 40 to judge the French economy is misleading.
For you
- Did you think a record CAC 40 meant a healthy French economy?
- Through the CAC 40, are you investing in "France" or in global multinationals?
Source: Euronext, CAC 40 index, 2026 levels (market data); Insee, economic outlook, September 2026, for growth.
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