French Bank Stocks Lead Market Drop After Macron Calls Snap Vote
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French banks BNP Paribas SA and Societe Generale SA tumbled on Monday, leading losses on the Paris market after President Emmanuel Macron called a snap election following a drubbing for his group in weekend European parliamentary voting.
The moves weighed on the broader European equity market, with the Stoxx 600 Index closing 0.3% lower after paring some losses. The CAC 40 Index fell as much as 2.4%, the most in almost a year. Apart from banking stocks, French construction and materials sectors also retreated sharply.