(News Bulletin 247) – The CAC 40 is moving forward, monitoring news linked to the political crisis shaking the country. Arcelormittal is driven by new proposals from the European Commission to curb steel exports to the European Union.

Pending concrete announcements, the Paris Stock Exchange is rising. Its main index, the CAC 40, gained 0.9% at mid-session, to 8,046.08 points, with investors monitoring the latest news linked to the French political crisis.

In a last attempt to find a government (and later a budget), the resigning Prime Minister Sébastien Lecornu consults the different political parties. After receiving training from the right and center on Tuesday, he consults the left-wing parties this Wednesday.

In a speech delivered this Wednesday morning, the political leader assured that he saw a “convergence” to achieve a budget before December 31, which removes “the prospects of a dissolution”. He also assured that his interlocutors agreed on the fact that the public deficit should not exceed 5% of GDP in 2026.

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Arcelormittal climbs

However, the declarations of the different political parties do not really invite optimism. An emblematic figure of the National Rally, Marine Le Pen declared that she was censoring “everything” because “the joke has gone on long enough”. LR rejects the suspension of the pension reform, a measure which was suggested by Elisabeth Borne, who had nevertheless carried out this reform when she was Prime Minister. While, for his part, the president of the Socialist Party, Olivier Faure wants assurances on the suspension of such a reform.

“Yesterday, speculation was rife about the possibility of a new legislative election. For example, Polymarket estimates the chances at 67% that a new election will be organized rather than a new Prime Minister being appointed, compared to 49% at the time we went to press yesterday. At one point last night, this figure even reached 85%” Deutsche Bank points out this Wednesday.

On the value side, Arcelormittal gained another 2.75% after the European Commission proposed measures (quota cuts, doubling of customs duties) to limit steel exports to the European Union.

On other markets, the spot (spot) price of gold crossed $4,000 per ounce overnight. Metal futures had already crossed this threshold the day before.

The euro lost 0.3% against the dollar to 1.1630 dollars. Oil is moving forward a little. The December contract on North Sea Brent rose 1% to $66.12 per barrel while the November contract on WTI listed in New York gained 1.1% to $62.43 per barrel.