February 6, 2018 / 4:26 PM / 7 months ago

French finance minister says market sell-off an expected 'correction'

PARIS (Reuters) - French Finance Minister Bruno Le Maire on Tuesday said a global market sell-off was an expected correction of high asset prices.

French Finance Minister Bruno Le Maire speaks during a news conference after a meeting about Lactalis baby milk contamination scandal at the Bercy Finance Ministry in Paris, France, January 12, 2018. REUTERS/Gonzalo Fuentes

Asked if he was worried as world stock markets nosedived for a fourth day running on Tuesday, Le Maire told reporters:

“It’s not a surprise. Some assets had reached very high prices and there is therefore a correction on stock markets.”

“At the last IMF (International Monetary Fund) meeting in Washington several people, including me, had said that asset prices, as well as the abundance of liquidity, were a concern. So a correction was something to be expected.”

Reporting by Ingrid Melander; editing by Michel Rose

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