(Alliance News) - The political upheaval in France 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, Bloomberg reported on Monday.

President Emmanuel Macron’s shock announcement of a snap election sparked a rout that wiped off about USD258 billion from the market capitalisation of French firms last week.

Shares of banks Societe Generale SA, BNP Paribas SA and Credit Agricole SA lost more than 10% each.

Stocks in the country are now collectively worth about USD3.13 trillion, narrowly losing out to the UK at USD3.18 trillion, according to data compiled by Bloomberg.

The CAC 40 Index has erased all its gains for 2024, after scaling record highs only a month ago.


In London, the FTSE 100 Index has hit all-time highs this year, fueled by highly international stocks such as Shell PLC and Unilever PLC.

It has outperformed the Euro Stoxx 50 index by far in the past three months, with jet-engine maker Rolls-Royce Holdings PLC among the biggest gainers.

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.