France places ban on short-selling, hints at possible extension

The French financial markets authority has announced the ban of short-selling on 92 stock companies for 24 hours over coronavirus outbreak.

France's decision aims to calm market turmoil, joining Belgium and Italy who earlier announced similar ban.

The Autorite des Marches Financiers said in a statement that it was closely monitoring the situation on the markets in relation with other regulators.[Nasdaq]

French Foreign Minister, Bruno Le Maire, was equally dramatic, vowing: “We are standing ready to take stronger decisions if necessary. We want to avoid speculation on markets. We will use all the means available to us to protect our businesses.”

The minister also hinted at the possibility of extending the ban if the situation worsens, joining Spain and South Korea to impose a longer ban on short-selling.

Europe has officially become the epicentre of the virus that originated in Wuhan, China after recording 64,921 confirmed Covid-19 cases across the continent and 2,974 deaths. [Capital.com]