Banca March: Emmanuel Macron has announced that he will not appoint a prime minister until the end of August, once the Olympic Games are over. The French president declared that ‘until mid-August we must focus on the Olympics’. He also indicated that after that time and depending on the progress of the negotiations, it will be his responsibility to choose a prime minister and entrust him with the task of…
Intermoney | In sovereign debt, the spread between the OAT and the Bund seems to be normalising and currently stands at 66 bp. As we have been explaining from IM, the governing coalition will have little room to expand spending and widen the deficit, considering that Brussels had put France in the excessive deficit procedure. What’s more, the next French government would have to stump up €15 billion in additional…
Matthieu de Clermont Head of Insurance and Regulatory Strategies (Allianz GI) | Amid a hung parliament, should investors hang around? While a hung parliament was expected, the second round of the French election still delivered a shock result: the far-right National Rally was pushed into third place in a result that triggers days if not weeks of negotiations between the parties to form a government. With the most seats, France’s…
In the second round of the French legislative elections, the leading force was the left-wing New Popular Front coalition, which won 182 seats in the National Assembly. This advance prevents a majority for the far-right National Rally – Marine Le Pen’s party – which won 143 seats and would thus be in third place, despite having won the first round. It also opens the door to a possible coalition between…
The first round of the French legislative elections saw the unprecedented rise of Marine Le Pen’s National Rally party with 33.5% of the vote. The left, grouped in the New Popular Front, would win 28%. And President Macron’s party, Together for the Republic, would be left with 21%. The traditional right-wing Republicans won 10% in an election marked by a high turnout. According to polling institutes, it surpassed the 60%…
Gregor MA Hirt Global CIO Multi Asset (Allianz GI) | French President Emmanuel Macron called a snap general election following the success of far-right parties in the EU elections in June. The first round of the election is to be held on 30 June followed by a final round a week later. According to the polls, the governing party – President Macron’s Renaissance – is set to lose power although…
Norbolsa | France is holding the 7th summit known as “Choose France” today, in which Macron will gather 180 CEOs, in an event with which he hopes to attract investment with the aim of reindustrialising the country and reinforcing the Paris hub post-Brexit. It was expected that the amount of investment pledged would exceed last year’s €13bn, with investment commitments from companies such as Amaon, Pfizer and Morgan Stanley, and…
BancaMarch: Business confidence indicators in Germany and France this morning continue to show weakness in growth in the coming months. In Germany, the composite PMI deteriorated more than expected, falling back to 45.8 from 46.4 and below the 46.7 expected. This performance was mainly explained by a sharp drop in confidence in the German services sector (48 vs. 50.3 previously) while manufacturing continued to contract (40.7 vs. 39.6 previously). In…
Banco Sabadell| France is considering going ahead with its plan to raise taxes on motorway concessionaires in France and could now also include airport concessionaires. The aim would be to raise some €2.5 billion between 2024 and 2030. In addition, taxes could be raised on first class airline tickets, on larger vehicles because of their higher CO2 emissions, and on companies with fleets of vehicles. We recall that in June…
Santander | EDF has announced that the takeover bid for its shares by the French state has raised the state’s stake in the company to 97.69% of the share capital and that the state will now seek to acquire the minority stakes through a squeeze-out process, which it expects to result in full state ownership by 8 June. In addition, EDF issued a press release yesterday to announce that the…