French markets and the euro were roiled Monday by President Emmanuel Macron’s surprise decision to call a snap election after his party lost to the far right in a vote for European lawmakers. Big gains for the far right in the French election could force Macron to govern with a hostile parliament, making it harder for his centrist administration to pursue its policy agenda and raising doubts about its ability to put government finances on a more sustainable footing.
“For example, unemployment is at a historic low, parts of the economy — particularly the tech investment part — have been thriving… A lot of that becomes very uncertain.” Shares in Société Générale had tumbled 8% by late afternoon in Paris, while shares in BNP Paribas and Credit Agricole were down 5.5% and 4.4% respectively.
Source: News Formal (newsformal.com)
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