London snatches the crown from Paris as Europe's largest stock market after Emmanuel Macron's snap election sends investors into a spin [Fortune]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Fortune
The news rocked the French stock markets, prompting the worst sell-off in two years. High-profile victims included BNP Paribas and Société Générale. Roughly $258 billion was erased from France's market capitalization. Even the euro fell in response to Macron's plan. Those events have toppled Paris from its throne as Europe's biggest stock market, paving the way for London to take the helm on Monday for the first time in nearly two years. London Stock Exchange's market cap stands at $3.18 trillion, just slightly above Euronext Paris' at $3.13 trillion, Bloomberg reported . France's CAC 40 Index, comprising the stock market's biggest companies, has wiped out all its 2024 gains so far. The U.K. could use the boost as it navigates a slowdown in IPOs and lingering macroeconomic uncertainties. The country once had a $1.5 trillion lead against the French capital in 2016, which has narrowed in recent years. The last time the country lost its prestigious position as the leading stock ma
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