France was on track for a hung parliament in Sunday's election, with a leftist alliance unexpectedly taking the top spot ahead of the far right, in a major upset that was set to prevent Marine Le Pen's National Rally (RN) from running the government.
Supporters of French far-left opposition party La France Insoumise gather at Place Stalingrad before partial results in the second round of the early French parliamentary elections in Paris, France, July 7, 2024. REUTERS/Yara Nardiin Sunday's election, with a leftist alliance unexpectedly taking the top spot ahead of the far right, in a major upset that was set to prevent Marine Le Pen's National Rally from running the government.
"This will ultimately dictate what happens next for the for the euro. Just based on the exit polls, we're not looking for a sharp move lower for the euro." He spoke after the initial dip."We should get a brief respite in the market. I think it should breathe in a fresh rally because we’re not seeing an extremist RN majority take place, but it’s likely to lead to political gridlock at least until the autumn of 2025.
"All in all, Emmanuel Macron's risky bet has not produced a clear parliamentary majority. He now finds himself in the same situation as before, in which his party has no backing to push through ambitious legislative proposals. … This unstable situation will now be the new normal until summer 2025, as the constitution prohibits the president from dissolving parliament again before a year has passed.""It looks like the anti-far right parties really got a lot of support.
"This is a serious relief for Europe as the euroscpetic far-right appear to have done far less well than expected." "This could mean some reform reversals rather than further reforms. The outcome I would say is less bad than could have been the case. It could have been much worse."
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