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French Election Results Shift; Markets Await Political Developments
TOPICS
The French legislative election results dominated market sentiment on Monday, with no party securing a majority. The left-wing New Popular Front emerged victorious with 182 seats, followed by President Macron’s centrist alliance with 168 seats, and the far-right National Rally party with 143 seats. This outcome has shifted focus to the question of who will govern France, as difficult negotiations lie ahead.
The election results impacted the CAC 40, which fell 0.6% to close at 7,627, reversing early session gains. While the lack of a clear majority may alleviate fears of extremist policies, it has also raised concerns about increased political instability.
Traders closely monitored the election outcome and awaited new developments. Teleperformance led the losses, dropping 3.9%, with luxury stocks and banks also underperforming. However, Safran and Sanofi bucked the trend, rising 1.7% and 1.5% respectively, emerging as the top performers for the day.
The euro steadied at $1.083 Monday, recovering from a dip to $1.0815 as markets absorbed France’s election results.
(CAC 40 Index Monthly Chart)
(EURUSD Daily Chart)
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