Who's most exposed to France?
Corrects company name to SIG, fixes RIC in para 10
STOXX 600 down 0.8%
CAC 40 roiled by Macron election call
Wall St futures inch lower
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WHO'S MOST EXPOSED TO FRANCE?
While the big gains for right-wing parties in this weekend's EU vote were broadly in line with expectations, the real shocker was Macron's gamble to call a snap parliamentary election after a bruising loss to Le Pen's far-right group.
French assets are clearly at the epicentre of the sell-off gripping markets this morning. But for equity investors exposed to a myriad of stocks with operations in France, the key is figuring out who is most exposed.
"Sentiment on OAT and French exposed/domestics stocks like banks and utilities may be the most impacted by near-term political uncertainty. With the French election taking place less than a month ahead of the Paris Olympics, a lot of noise is to be expected, which could also impact business and consumer sentiment," writes Barclays strategist Emmanuel Cau.
According to the UK bank, communication services and real estate are also among the French sectors with the biggest domestic exposure, while healthcare and materials are the least.
Builders are another sector to watch this summer. Vinci SGEF.PA, a concessions and construction group, is the second top CAC 40 .FCHI faller after bank Societe Generale SOGN.PA.
Jefferies notes Le Pen's proposed policies include building 100,000 social homes per year, excluding smaller homes from energy renovation, stopping energy requirements for rentals, abolishing a real estate wealth tax and offering interest-free loans for young couples.
SIG SHI.Lhas an around 60% core profit exposure to France. Also exposed are Saint Gobain SGOB.PA, Kingspan KSP.I, and Heidelberg HEIG.DE, per Jefferies.
In luxury, Hermes HRMS.PA has a 9% sales exposure to France, LVMH LVMH.PA 8%, followed by Prada 1913.F and Moncler MONC.MI at 7% and 6% respectively, according to UBS.
(Danilo Masoni)
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French sector exposures https://tmsnrt.rs/3RmNjzL
Builders french exposure https://tmsnrt.rs/3XcxOhL
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