The UK has overtaken France as Europe’s largest stock exchange after Emmanuel Macron’s decision to call a snap election caused turmoil in markets.
Stocks in France are now collectively worth $3.13 trillion (£2.47 trillion), falling behind Britain’s markets, which are jointly worth $3.18 trillion (£2.51 trillion) according to data compiled by Bloomberg.
The Cac 40 stock index in Paris had its worst week since 2002 after the surprise parliamentary elections were called in France, erasing all its gains this year after hitting record highs just a month earlier.
Shares of banks such as BNP Paribas and Credit Agricole slumped by more than 10pc each. Both banks are holders of French bonds, which suffered a sharp sell-off last week.
It sent the French government’s borrowing costs soaring, with interest rates on 10-year debt matching that of Portugal for the first time in 20 years.
Alberto Tocchio, portfolio manager at Kairos Partners, said: “We are in a period where there are no certainties for three to four weeks and the market could unfortunately become more unstable.”
Meanwhile, the FTSE 100 in the UK has hit record highs this year as investors are attracted by what are considered relatively cheap valuations.
It has also been boosted by some new stock market listings, such as Raspberry Pi last week.
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2024-06-17 08:26:00Z
CBMiamh0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDI0LzA2LzE3L2Z0c2UtMTAwLW1hcmtldHMtbGF0ZXN0LW5ld3Mtd29ya2xlc3NuZXNzLWJyaXRhaW4tbWFkZS11ay_SAQA
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