Marine Le Pen sweeps the board, as has been the trend since the European elections, with the far-right party Rassemblement National (RN) securing a historic victory in the first round of yesterday’s French parliamentary elections, but the final outcome will depend on negotiations between the parties ahead of the second round next Sunday.
Politics
June 24, 2024
The legislative elections, which actually came as a surprise after the debacle of the European elections, will see the first round on Sunday 30th…
June 24, 2024
According to the official results of the Ministry of the Interior, RN and its allies reached 33% of the votes, with a strong setback for President Emmanuel Macron, who had called early elections after RN had beaten his party in the elections elections to the European Parliament, and whose center bloc stopped at 20%.
The left-wing coalition brought together in the New Popular Front (NFP) won around 28% of the vote.
To be elected in the first round of the French legislative elections, a candidate must obtain an absolute majority of valid votes.
All candidates who have obtained at least 12.5% of the votes of those registered on the lists of the constituency enter the second round. In the run-off, whoever obtains the highest number of votes wins the electoral constituency.
The far right could win an absolute majority in the National Assembly and the premiership for Bardella. Here Macron is asking for a republican bloc for the second round: new strategic meeting at the Elysée this morning.
Record turnout: at least 65% of eligible voters voted, a percentage well above the 47.51% in the 2022 general elections.
The Pen: «Istarted to clear the president’s block“Mélenchon: “In the run-off elections we withdraw the candidates where we are third, not even one more seat for the RN».
Republicans will not give voting instructions for the second round.
This morning President Emmanuel Macron announced that he will meet the government at the Elysée at midday, as we learn fromAfp according to government sources.
Attal and the members of the government will meet with the Head of State, six days before the run-off, after yesterday’s vote marked a landslide victory for the Rassemblement national of Marine Le Pen and Jordan Bardella.
After the news on the elections in France come the reactions of the stock markets and the comments of the analysts, we report the comment of Gabriel Debach, market analyst of eTorowhich analyzes the market reaction to the first round of the French elections.
«Stock markets are cheering after the French elections, opening the week with a wave of optimism. Investors are back to betting on the euro, while the VIX on the Euro Stoxx 50, the fear indicator, is falling significantly. Spreads, which measure the perceived risk on government bonds, are also contracting: the Italian one is falling to 152 points, while the French one is falling to 75 points. However, we have not yet reached the levels of 7 June, before the European elections. In detail, the EUR/USD, which was then trading at 1.08875, now stands at 1.07608, while the Oat-Bund spread in this period of time went from 48 points to 75, marking an increase of 54% ».
«This positive reaction today seems counterintuitive, considering that markets do not tolerate uncertainty. The fragmented political situation could herald future problems for the French economy, Europe’s second largest. The fears of recent weeks, including fears of a possible Frexit or populist fiscal policies that could trigger a financial crisis similar to the one Liz Truss experienced, have dissipated, prompting today’s buying. The macroeconomic impacts on the rest of Europe appear to be limited, making it difficult to foresee direct implications for the ECB’s monetary policy at the moment.”
«It is essential, therefore, to consider today’s optimism with caution. While investors celebrate today, it remains to be seen whether this euphoria will translate into concrete benefits for the French economy.”
PHOTO: Ansa
