ArcelorMittal stock, lagging the CAC 40 amid Middle East tensions
The Luxembourg steelmaker posts the strongest decline of the CAC 40 this Wednesday, against a tense geopolitical backdrop in the Middle East. The pullback occurs as the stock had displayed the best performance of the Paris index just a week ago, driven by a remarkable upward momentum over one year.
ArcelorMittal, bottom performer of the CAC 40, slips below its 20-day moving average
ArcelorMittal loses 2.32% to €62.26 in trading, settling at the bottom of the CAC 40, which itself declines 0.32%. The stock falls below its 20-day moving average, set at €63.44, with a gap of -1.86% relative to this level. This configuration follows a brief period of resistance: last week, the stock was still leading the Paris index.
The correction remains contained relative to underlying performance: the upward momentum of recent weeks had propelled the stock up over 118% in one year. The RSI at 57 remains in neutral territory, far from any overbought or oversold zones, which does not signal any particular technical exhaustion at this stage. The 50-day MA at €59.66 continues to support the stock with a cushion of 4.36%, while the resistance at €64.60 has not been breached.
Middle East geopolitical context and steel exposure to global markets
The military escalation between Iran and the United States, which extends this Wednesday, September 2 to several Gulf countries (Jordan, Iraq, Bahrain, Kuwait), weighs on the overall sentiment of European markets. The VIX surges more than 10% in trading, reflecting a clear rise in uncertainties. In this context, the DAX falls 1.02% and the FTSE 100 declines 0.36%, testifying to common pressure on industrial stocks across the Old Continent. ArcelorMittal, whose international exposure (Europe, Americas, Asia) makes its revenue sensitive to disruptions in global trade, is part of this downward dynamic.
Furthermore, Brent advances 5.43% in trading to $95.40 per barrel, reflecting concerns around the Strait of Hormuz, a strategic route for oil transit. While rising oil prices do not weigh directly on the steelmaker's costs in the same way as for other sectors, it remains an indirect cost factor through energy and logistics. When publishing T1 2026 results (April 30, 2026), the group had maintained its annual guidance, banking on production and shipment growth across all regions, with positive free cash flow expected for the fiscal year. The support at €57.78 now constitutes the key threshold to watch if selling pressure were to intensify.
