France’s stock market has become the least favourite in Europe, a Wall Street bank has found, after its sharp plunge in the wake of Emmanuel Macron’s shock snap election.
Investors were more likely to expect French stocks to fall over the next 12 months compared to any other equities across the continent, according to a poll of fund managers by Bank of America.
It is a sharp swing from May when investors considered stocks in French markets to be their top choice and the Cac 40 index in Paris was hitting record highs.
Bank of America conducted the survey from June 7 to June 13, encompassing the majority of last week’s drop, when the Cac 40 fell by the most in more than two years and wiped out $258bn (£203bn) in market capitalisation.
BofA strategist Andreas Bruckner said: “France has turned into investors’ most unloved European equity market.”
The Cac 40 has rebounded since its fall of 6.2pc last week, and was last up 0.4pc.
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2024-06-18 08:28:00Z
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