France‘s political upheaval has led Paris to lose its spot as Europe’s biggest equity market to London, less than two years after winning that title from the UK. President Emmanuel Macron’s shock announcement of a snap election sparked a rout that wiped off about $258 billion from the market capitalisation of French firms last week. Shares of banks Societe Generale, BNP Paribas and Credit Agricole – all big holders of govt debt – lost more than 10% each.
French stocks are now collectively worth about $3.1 trillion, narrowly losing out to the UK at $3.2 trillion.The CAC 40 Index has erased all its gains for 2024 – a sharp reversal from scaling record highs a month ago. The FTSE 100 Index has hit all-time highs this year, fuelled by export-reliant stocks such as Shell and Unilever.
It has outperformed the Euro Stoxx 50 index by far in three months, with aerospace & defence giant Rolls-Royce among the top gainers. The UK now ranks as the sixth-biggest stock market.
French stocks are now collectively worth about $3.1 trillion, narrowly losing out to the UK at $3.2 trillion.The CAC 40 Index has erased all its gains for 2024 – a sharp reversal from scaling record highs a month ago. The FTSE 100 Index has hit all-time highs this year, fuelled by export-reliant stocks such as Shell and Unilever.
It has outperformed the Euro Stoxx 50 index by far in three months, with aerospace & defence giant Rolls-Royce among the top gainers. The UK now ranks as the sixth-biggest stock market.
