Paris Loses Crown as Europe’s Biggest Stock Market to London (1)

France’s political upheaval has led Paris to lose its spot as Europe’s biggest equity marketto London, less than two years after winning that title from the UK.

President Emmanuel Macron’s shock announcement of a snap election sparked a rout that wiped off about $258 billion from the market capitalization of French firms last week. Shares of banks Societe Generale SA, BNP Paribas SA and Credit Agricole SA — all big holders of government debt — lost more than 10% each.

Stocks in the country are now collectively worth about $3.13 trillion, narrowly losing out to the UK at ...