Helena Lyng Blak
5 weeks ago

French Snap Election Dethrones Paris, Crowning a New Stock Market Monarch

French stock market tumbles as Macron’s surprise snap election announcement shakes investor confidence. Discover the new European market leader.
Photo by StockPhotoAstur
Photo by StockPhotoAstur

Following the end of the European Parliament election, French President Emmanuel Macron stunned his nation—and the rest of the world—when he called a snap parliamentary election. 

The election, set to be held on June 30 and July 7, was, according to The Guardian, a reaction to the results of the European far right in the EP elections who, in the words of Macron, “are progressing everywhere on the continent.”

“I have confidence in our democracy, in letting the sovereign people have their say. I’ve heard your message, your concerns, and I won’t leave them unanswered,” said the president.

Confidence, however, is not a headlining word among investors in regard to the French stock market. 

Last week’s announcement erased approximately $258 billion from the market value of French companies, according to Bloomberg

"We are in a period where there are no certainties for three-to-four weeks and the market could unfortunately become more unstable," portfolio manager at Kairos Partners Alberto Tocchio told the newspaper.

The nation’s stocks are now collectively worth $3.13 trillion, which is low enough to kick Paris from its number one spot among European stock exchanges. 

In its place is now the United Kingdom, also in the midst of a snap election, whose stocks have a collective valuation of $3.18 trillion. 

The British FTSE 100 has been slowly climbing since its severe 2020 drop, and is now reaching all-time high index levels. 

The “Footsie” has risen 5.46% year-to-date. 

Comparatively, the French CAC 40 has also been steadily climbing throughout the year. With this recent dip, however, the index is currently down 0.17% year-to-date, but is seemingly stabilizing


The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

4 weeks ago Analysis: New Debate Rules Favor Biden New rules announced for the June 27th debate between Joe Biden and Donald Trump serves the President well.
4 weeks ago StanChart Becomes Among the First Global Banks to Launch Spot Crypto Trading StanChart breaks new ground by launching spot trading for Bitcoin and Ether, leading the charge among global banks in the cryptocurrency space.
4 weeks ago Crypto, Currently: June 21, 2024 - Market Bears Down on Major Cryptos Daily update on the five cryptocurrencies, we consider the most interesting right now.
4 weeks ago FX Daily: June 21, 2024 – Forex Market Update Daily update from the foreign exchange markets.
4 weeks ago Amazon Plans To Make Largest Reduction of Plastic Packaging in North America To Date Amazon's response to mounting criticism over its plastic waste with a new reduction plan.
4 weeks ago Ex-OpenAI Chief Scientist Ilya Sutskever Launches New Company Amid Criticism of ChatGPT Parent's Board Appointments Ilya Sutskever, former chief scientist at OpenAI, has co-founded a new company, Safe Superintelligence Inc., amidst ongoing scrutiny of OpenAI’s recent board appointments.
4 weeks ago FX Daily: June 20, 2024 - Mixed Movements in Global Currency Markets Daily update from the foreign exchange markets.