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The CAC 40 is collapsing! Macron’s fault?
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On June 10, 2024, the Paris Stock Exchange experienced an unprecedented shock. The CAC 40, a barometer of French economic health, plunged 1.5% at the opening. This stock market debacle follows two major events: the surprise victory of the National Rally in the European elections and the dissolution of the National Assembly by President Emmanuel Macron.
A storm invades the Paris Stock Exchange!
The political tsunami that swept across the French scene inevitably caused major disruptions on the financial markets. From the first minutes of trading, panic gripped stock market investors. As a result, the CAC 40 quickly plunged by 1.5%, a dizzying fall of 150.75 points, to settle at 7,851.05 points around 9:25 a.m.
In this stock market turmoil, certain sectors have been particularly affected. For example, these are the banks which suffered the heaviest losses, such as Société Générale, BNP Paribas and Crédit Agricole. Likewise, companies dependent on concession contracts with the State were not spared, such as Eiffage and Vinci. The manager of Paris airports, ADP, also suffered the full brunt of this wave, down 4.29% to 122.60 euros. At the same time, the euro fell sharply against the dollar, losing 0.41% to 1.0757 dollars per euro.
An explosive political context
This painful stock market correction finds its origins in the political earthquake caused by the results of the European elections. Indeed, the National Rally led by Jordan Bardella, credited with around 32% of the votes, caused widespread consternation. Worse still, this far-right surge led Emmanuel Macron to take the radical decision to dissolve the National Assembly, thus paving the way for early legislative elections.
The spectacular fall of the CAC 40 on the Paris Stock Exchange on June 10, 2024 will go down in history. This strikingly demonstrates the interdependence between politics and economics. Emmanuel Macron's decision to dissolve the National Assembly, combined with the rise of the National Rally, triggered an earthquake on the Paris Stock Exchange. Now all eyes are on the next legislative elections.
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The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.
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