FX.co ★ CAC 40 Edges Higher on ArcelorMittal Surge

On Wednesday, the Paris CAC 40 index recorded gains, trading close to 7,990 points. This uplift was primarily driven by a significant rise of over 3% in ArcelorMittal shares. The steelmaker's stock benefited from the European Commission's proposal to reduce shipment quotas for steel imports exempt from tariffs within the EU and to increase tariffs on imports exceeding these quotas. Conversely, technology stocks experienced a downturn due to renewed scrutiny from the U.S. regarding the sale of chipmaking equipment to China. Additionally, the automotive sector faced downward pressure following BMW's revision of its earnings forecast. The overall market sentiment remained cautious in the wake of France's escalating political crisis. President Emmanuel Macron is under intensifying pressure as he deals with continuous cabinet reshuffles and an unstable parliament. The opposition is advocating for early elections, while Macron has directed the recently resigned Prime Minister, Sébastien Lecornu, to propose a viable action plan and establish a stable governing framework by the end of the day. However, skepticism persists regarding Lecornu's ability to fulfill this mandate.