Goldman Sachs strategists said French stocks being relatively cheap is not yet enough to justify buying them, because none of the factors needed to narrow the valuation discount have appeared. According to Sina Finance, the team led by Guillaume Jaisson said the CAC 40 looks cheap on a relative valuation basis, but not on an absolute one.

The team said narrowing the discount would require greater political clarity, stronger economic growth, or new buyers entering the market. It also said the CAC 40's exposure to global economic growth means its resilience is stronger than market narratives suggest.