European equities had a poor showing yesterday with France's benchmark CAC 40 index leading the drop. Luxury stocks were the main culprits after LVMH disappointed on earnings with a reported 13.3% drop in profit last year. The company signaled that cloud backlog growth would slightly decelerate in 2026, instead of investor hopes that it would point to an acceleration instead. And touching on cloud backlog, SAP's current cloud backlog only grew by 25% - missing on analyst estimates of at least 26% or higher. That brought the shares of Germany's largest bank down yesterday and is again proving to be a drag again today.