Official market data from the CAC 40 index

Macron's Snap Election Gamble Causes $210 Billion Market Turmoil, Protests Ahead of June 30, July 7 Vote

Jun 15, 2024, 03:09 PM

Emmanuel Macron's decision to call a snap election in France, scheduled for June 30 and July 7, has led to significant political and economic turmoil. The French stock market experienced a $210 billion wipeout, and French banking-sector bonds have buckled. Polls indicate a fragmented political landscape, with Marine Le Pen's far-right National Rally at 32% and the left-wing New Popular Front at 25%, while Macron's party is at 19%. Neither bloc is expected to secure a majority. Macron's party is projected to suffer significant losses. The snap election has sparked widespread protests across France, with anti-racism groups, unions, and left-wing coalitions demonstrating against the far-right's surge. Marine Le Pen has stated she will not seek Macron's resignation if her party triumphs. European officials are concerned about the potential for financial instability and political chaos, drawing parallels to Brexit.