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Cotton futures fell below 78 cents per pound, reaching its lowest level in four months as rising harvest supplies weighed on prices. The US harvest continues to advance, with 63% of the crop harvested by the week ended October 25, above the five-year average of 54%. Peak harvest typically adds seasonal pressure as new supplies enter the market. Competition from Brazil, the world’s leading cotton exporter, is also intensifying, with Anea forecasting shipments of around 3.4 million tonnes, compared with the USDA’s US export forecast of 2.69 million tonnes. Meanwhile, progress in US-China trade talks has yet to deliver meaningful tariff relief, prompting Chinese buyers to scale back foreign purchases. In addition, an accelerating negative feedback from downstream textile demand in China, the world's largest producer of textiles, acts as a marginal driver, where the expected seasonal recovery in September and October failed to materialise.

Cotton Falls as Harvest Advances

The CAC 40 fell 0.3% to close at 8,020 on Tuesday, reversing the previous session’s gains as concerns over France’s deteriorating fiscal outlook weighed on markets. French equities remained under pressure after Fitch unexpectedly revised the country’s outlook to negative, citing deteriorating public finances, elevated government debt and borrowing costs, sluggish economic growth and political uncertainty. The budget deficit widened to €159.2 billion in January-September 2026, from €155.4 billion a year earlier. Airbus fell 1.4%, Safran lost 1.1%, while EssilorLuxottica and Vinci each shed 1.4%. In the luxury sector, Hermès lost 0.6% and L’Oréal declined 0.9%. In contrast, LVMH rose 2% on the session, although its shares remained down around 40% year-to-date amid slowing Chinese demand. In the energy sector, TotalEnergies lost 1.1% as oil prices extended the previous session’s plunge after US President Trump announced the US would end its financial support for Israel by year-end.

CAC 40 Falls as French Fiscal Concerns Persist

The FTSE MIB Index fell 6 points or 0.01 percent on Tuesday to close at 49942 points. Leading the losses are Brunello Cucinelli (-3.43%), Stellantis N.V. (-3.02%) and Tenaris (-2.50%). Top gainers were Ferrari NV (4.31%), Amplifon (2.94%) and Avio (2.31%).

The FTSE MIB Index Closes 0.01% Lower

The DAX Index dropped 116 points or 0.45 percent on Tuesday to close at 25865 points. Losses were led by Zalando (-5.97%), Fresenius Medical Care (-4.17%) and MTU Aero Engines AG (-3.01%). Offsetting the fall, top gainers were Bayer (4.80%), Hochtief (1.77%) and Infineon (1.19%).

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