ArcelorMittal Shares Soar Nearly 9%, Leading the CAC 40
The Luxembourg-based steelmaker marks a spectacular rise in mid-morning and takes a solo lead in the Parisian index. This movement sharply contrasts with a generally declining CAC 40, where only a few cyclical stocks manage to perform well.
A Jump of Nearly 9% Puts the Stock Above All Its Moving Averages
ArcelorMittal's stock gains 8.92% to €56.68 in mid-morning trading, up from €52.04 the previous day. The stock leads the CAC 40, which is down 0.18%. This session erases the consolidation observed over the month, as the monthly decline is now limited to 10%, while the annual performance reaches 105%.
This surge brings the price above all its moving averages: the MM20 (€55.95) and the MM50 (€54.97) have fallen below the price, with respective gaps of 1.30% and 3.11%, while the MM200 (€44.87) remains well behind, more than 26% below the price. The RSI at 49 moves out of a neutral phase without yet tipping into a tension zone. The next identified threshold is the resistance at €62.14, where the stock had previously stalled in early June as recalled by the session on June 12.
An Isolated Rebound in a Bearish CAC 40 Amidst American Slowdown
The session unfolds in a contrasting index environment. The CAC 40 falls to 8,459 points and the SBF 120 is down 0.10%, while the DAX is up 2.33% and the FTSE 100 increases by 1.59%. The VIX eases to 15.99, down 3.62%, indicating contained volatility despite the turbulent day for European cyclical stocks. The macro backdrop is marked by the American employment report for June, released today: only 57,000 non-farm payroll jobs added, versus a consensus of around 110,000, and an unemployment rate down to 4.2% due to a contraction in the labor force.
This slowdown in the job market has led to a weaker dollar and lowered expectations for monetary tightening, an environment traditionally favorable to export-oriented industrial stocks. On the Chinese side, the latest indicators remain mixed, with a manufacturing PMI at 50.3 in April and industrial production up 5.7% year-on-year in March. The next technical marker remains the resistance at €62.14, about 10% from the current price.
