Le Pen celebrates lead as France's far right on brink of power
French President Emmanual Macron will be licking his wounds this morning, as Marine Le Pen’s National Rally (RN) triumphed in the first round of legislative elections.
The 33.1% victory sends France heading for its most right-wing government since World War 2, with a left-wing alliance behind on 28% in the highest first round voting turnout since 1997.
Whilst Macron’s surprise gamble appears to have failed, Le Pen still requires an absolute majority of 289 in the National Assembly to seize control, both the EUR & CAC 40 both made gains on the basis she may well fall short on this target next Sunday.
As Labour looks set for a landslide victory, PM Rishi Sunak finds himself in a last-ditch saloon to stay in Number 10 as the UK heads to the polls on Thursday. After 14 years of Conversative power, which has seen 5 prime ministers since the 2016 Brexit vote, the question appears not to be who wins, rather how much of a margin the Tories will be defeated by, with Nigel Farage’s Reform Party set to pick up the pieces by peeling of right-wing voters.
Traders will be bracing themselves for a volatile week, having learnt valuable lessons after Brexit and Donald Trump’s surprise 2016 victory…History tells us that when it comes to politics the polls are never a certainty!
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On the economic front we have a jam-packed week full of data, starting with tomorrow’s European CPI figures, on Wednesday we have the U.S FED minutes from Chair Jerome Powell, and we cap the week off with U.S Non Farm Payroll data on Friday.
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