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For the first time, the total capitalization of listed companies in Paris has exceeded that of the City of London. This is the result of the dynamism of the French stock market champions, starting with the luxury sector, the main driver of the CAC 40.
Yesterday, at the opening of the Stock Exchange, Paris was placed ahead of London. A historic first for the French stock market, which becomes the largest in Europe.
The Paris Stock Exchange has a capitalization of 2.823 billion dollars, against 2.821 billion for the London Stock Exchange. A small gap, but one that makes a difference.
The two largest European financial powers appear to be neck and neck, and this is not the first time. The decline of London and the rise of Paris are long-term trends. In June 2014, the London Stock Exchange was still worth more than $4 billion, compared to $2,234 for Paris.
England is thus losing its splendor and its first place. Since the country’s exit from the European Union, its economy is struggling to recover. International companies are reluctant to invest in the long term across the Channel, and its trade relations with the EU remain uncertain. As a result, British stock market indices have stagnated: the FTSE 100 has risen by only 0.06% in five years, while the CAC 40 has risen by 25% over the same period.
Some companies prefer not to take any risks and leave the London Stock Exchange. This is the case of the low-cost airline Ryanair, which chose to protect its European license rather than its British shareholders. The mining group BHP has also ended its listing in London to go to the other side of the globe, in Australia.
Falling pound
The country’s economic gloom has also weighed on its currency. The value of the pound has plunged 16 % against the euro since 2016, the year of the Brexit vote, including a 4.6 % drop this year.
In recent years, luxury has been the main driver of the Paris Stock Exchange thanks to large groups such as Kering, LVMH or L’Oreal. The world’s leading luxury company became the largest listed company in Europe in February 2021, with a capitalization of 350 billion euros today, compared to less than 70 billion in June 2016.
Read also >CAC 40: L’Oréal falls on the stock market after Estée Lauder’s disappointing forecasts
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For the first time, the total capitalization of listed companies in Paris has exceeded that of the City of London. This is the result of the dynamism of the French stock market champions, starting with the luxury sector, the main driver of the CAC 40.
Yesterday, at the opening of the Stock Exchange, Paris was placed ahead of London. A historic first for the French stock market, which becomes the largest in Europe.
The Paris Stock Exchange has a capitalization of 2.823 billion dollars, against 2.821 billion for the London Stock Exchange. A small gap, but one that makes a difference.
The two largest European financial powers appear to be neck and neck, and this is not the first time. The decline of London and the rise of Paris are long-term trends. In June 2014, the London Stock Exchange was still worth more than $4 billion, compared to $2,234 for Paris.
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For the first time, the total capitalization of listed companies in Paris has exceeded that of the City of London. This is the result of the dynamism of the French stock market champions, starting with the luxury sector, the main driver of the CAC 40.
Yesterday, at the opening of the Stock Exchange, Paris was placed ahead of London. A historic first for the French stock market, which becomes the largest in Europe.
The Paris Stock Exchange has a capitalization of 2.823 billion dollars, against 2.821 billion for the London Stock Exchange. A small gap, but one that makes a difference.
The two largest European financial powers appear to be neck and neck, and this is not the first time. The decline of London and the rise of Paris are long-term trends. In June 2014, the London Stock Exchange was still worth more than $4 billion, compared to $2,234 for Paris.
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