Paris lost the status of the largest stock market in Europe
Due to early elections in France, Paris lost its status as Europe's largest stock market.
According to a Bloomberg report, President Emmanuel Macron's unexpected decision to dissolve parliament scared the market and led to a sell-off on the stock exchange. In just one week, shares of French companies fell by $258 billion. Securities of banks such as Societe Generale, BNP Paribas, and Credit Agricole fell by more than 10%.
The total market capitalization of publicly traded French companies fell to $3.13 trillion, allowing the UK to regain first place in Europe after two years with $3.18 trillion. Globally, the UK is now the sixth largest stock market.
The UK is also preparing for parliamentary elections (to be held on July 4), but the results are predictable. Investors are confident that Keir Starmer's Labor Party will win by a landslide.
In France, the situation is uncertain: both the far-right of Marine Le Pen's National Revival party and the far-left, which threatens to cancel most of Macron's economic reforms, are claiming victory.
Author - Ihor Lontkivskyi 17.06.24
