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.
RESULTS
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
UAE currency: the story behind the money in your pockets
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
LIVERPOOL%20TOP%20SCORERS
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
