Amundi stock falls over 4% and breaks its support at €93.35
The Paris-based asset manager is experiencing a sharp correction during trading on Tuesday, in a context of pressure on European markets. The decline occurs as Amundi had set a historic record in early September, and the bullish momentum that supported the stock since summer is now eroding under the weight of an unfavorable macroeconomic environment.
A decline of 4.18% that wipes out several weeks of gains and places the stock below its moving averages
Amundi is down 4.18% to €89.45 during trading, placing it among the strongest declines on the SBF 120 at mid-day. Over one week, the stock is down 6.09%, erasing a large portion of the ground gained since the summer lows. The decline remains partial when viewed against the three-month performance, which still stands in positive territory at +8.36%.
In terms of price patterns, the pressure is evident: the stock is now trading below its 20-day moving average at €94.83 (gap of -5.67%) and below its 50-day moving average at €92.75 (gap of -3.56%), two levels that represented support points during the summer advance. Only the 200-day moving average, at €81.16, remains well below the current price, reflecting the underlying bullish trend built over one year (+40.42%). The RSI at 45, in neutral territory, does not yet signal a clear oversold configuration, which leaves room for a continuation of the correction toward the support identified at €93.35 — a level that coincides precisely with yesterday's closing price and which the stock has already broken below.
A challenging macroeconomic backdrop: Fed expected to raise rates tomorrow, VIX surging sharply
The session backdrop is weighing on all financial stocks. The Federal Reserve meets on Wednesday, September 16th, and money markets are pricing in approximately a 90% probability of a 25 basis point increase in its benchmark rate — the first increase in three years. This prospect is keeping 10-year Treasury yields above 5%, a level unseen since October 2023, which is mechanically tightening financing conditions for the entire asset management sector. The VIX jumps 13.19% during the session to 17.93, a sign that risk appetite is contracting rapidly. The CAC 40 is down 0.86% and the SBF 120 loses 0.83% in this tense climate.
In this context, Amundi must also contend with the potential dilutive effect related to the We Share Amundi employee stock ownership plan launched on September 14th, which offers shares to employees at €66.63 with a 30% discount to the stock price. This type of operation, sometimes perceived as a signal of near-term dilution, can amplify profit-taking in an already nervous market. Furthermore, Victory Capital's acquisition of First Eagle, in which Amundi holds a 27% stake, was expected to be positive for earnings per share according to a statement on August 27th — but this underlying prospect is not arresting today's correction. The resistance at €93.35, now broken to the downside, constitutes the first level to monitor for a potential bounce attempt in case of a technical rebound.
