Paris has overtaken London as the home of Europe’s biggest stock market

Paris has overtaken London as the home of Europe’s biggest stock market, new analysis has revealed.

The French stock market now has a combined value of $2.823 trillion, marginally above the UK stock market, which is worth $2.821tn, according to Bloomberg figures.

Five years ago, when Britain voted to leave the EU, British stocks were worth 1.5 trillion more than France.

The fact that smaller and consumer-focused firms have been hit hard by an economic downturn, made worse by the energy crisis, high inflation, and recent market volatility, has dragged down the collective value of the UK’s listed companies, Bloomberg said.

Furthermore, a former Bank of England policymaker, Michael Saunders, told Bloomberg TV that the UK economy has been “permanently damaged” by Brexit, because it reduced the country’s potential output and resulted in reduced investment into UK businesses.

Meanwhile, France’s stock market has bolstered by luxury retail companies enjoying a post-Covid spending boost.

Louis Vuitton owner LVMH tops the French Cac 40 with a market capitalisation – meaning the total value of its shares – of $364 billion, nearly double the runner up, L’Oreal.

Paris is also home to Gucci owner Kering SA, which has seen its share price jump by about a fifth over the past month.

Whereas big retailers on London’s blue-chip index, the FTSE 100, have seen their shares plunge throughout the year, with the likes of Ocado Group and JD Sports dropping by more than 40 per cent.

Bloomberg said the shift in stock market value is more an indication of UK stocks weakening, but it also reflects the resilience of high-end brands.

Burberry Group, a FTSE 100-listed luxury brand, has bucked the trend of other retailers and enjoyed a nearly 10 per cent uplift in its share price this year.

The market capitalisation calculations also reflect currency movements, Bloomberg added.

The pound has taken more of a hammering this year than the euro, dropping 13 per cent in value against the US dollar this year, while the euro has fallen by a milder 9.2 per cent against the American currency.

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Priority access to new homes from participating developers
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Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.