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U.S. yields lift dollar and leave yen languishing
  + stars: | 2024-07-02 | by ( ) www.cnbc.com   time to read: +3 min
The dollar was supported by rising U.S. yields and the blowtorch was on low-yielding currencies on Tuesday such as China's yuan and Japan's yen, which was pinned to its lowest since 1986. The dollar was supported by rising U.S. yields and the blowtorch was on low-yielding currencies on Tuesday such as China's yuan and Japan's yen, which was pinned to its lowest since 1986. Against the euro , the yen touched a lifetime low of 173.67 on Monday and was near that level on Tuesday. China's yuan , which hit a seven-month low on the dollar last week and has hardly moved since, faces similar pressure with U.S. 10-year yields more than 220 bps higher than Chinese government bond yields. The New Zealand dollar slipped 0.3% in early trade and at $0.6075 was testing support at its 200-day moving average.
Persons: Donald Trump, Joe, Biden, Christopher Wong, China's, , Sterling, Rob Carnell Organizations: U.S, New Zealand, ING Locations: Japan, Asia, China
Yet, in a year of elections around the world, politicians are largely ignoring the problem, unwilling to level with voters about the tax increases and spending cuts needed to tackle the deluge of borrowing. In France, political turmoil has exacerbated concerns about the country’s debt, sending bond yields, or returns demanded by investors, soaring. “Many (politicians) are not willing to talk about the hard choices that are going to need to be made. Despite growing alarm over the federal government’s debt pile, neither Joe Biden nor Donald Trump, the main 2024 presidential candidates, are promising fiscal discipline ahead of the election. Former Prime Minister Liz Truss triggered a collapse in the pound in 2022 when she tried to force through big tax cuts funded by increased borrowing.
Persons: ” Roger Hallam, Karen Dynan, ” Kenneth Rogoff, , don’t, Joe Biden, Donald Trump, Biden, Paul Johnson, William Ruto, Liz Truss, hasn’t, Emmanuel Macron, Dynan, it’s Organizations: London CNN, Monetary Fund, Investors, Vanguard, CNN, US Treasury, Harvard Kennedy School, Harvard University, , Congressional, CBO, Trump, Fiscal Studies, United Kingdom, Former Locations: United States, France, Germany, Kenya
On Sunday, in the first round of voting, the far-right National Rally topped the poll and the left-wing New Popular Front coalition finished second. Under a system of “cohabitation” with the president, National Rally would be in power, free to carry out its hard-line anti-migrant agenda. The more likely scenario, however, is that National Rally falls short of a majority, leaving France with a hung parliament. With a weakened Mr. Macron atop a fractious and uncooperative assembly, France would enter a profound political crisis with no remedy in sight. In the event of a hung parliament, Mr. Macron would have very few options.
Persons: Emmanuel Macron, Macron, Jordan Bardella Organizations: Popular Front, National Assembly, National, Republicans, New Locations: France, Sunday’s, Vichy
They’ve put aside their differences with one goal in mind: to keep the far right firmly away from the 289 seats required for an absolute majority currently within their reach. By Tuesday, as the deadline to drop out closed, fewer than 100 remain, after centrist and left-wing candidates strategically dropped out in individual seats. This tactic could stop some RN candidates from winning, according to analyst Antoine Bristielle. Macron’s Ensemble allies also called on their supporters to prevent the far right taking office, but some warned against lending their votes to the hard-left France Unbowed, a party inside the NFP. “I’ve taken the difficult decision to withdraw … leaving it up to my voters to position themselves against the far right or far left,” Samuel Deguara, a candidate from Macron’s camp said after withdrawing.
Persons: Emmanuel Macron’s, They’ve, Antoine Bristielle, Nathan Laine, ” Bristielle, Leslie Mortreux, Gérald Darmanin, Bruno Le Maire, “ I’ve, ” Samuel Deguara, Pen, ” Le Pen, Perpignan Louis Aliot, Dimitar Dilkoff, Jordan Bardella Organizations: CNN, Republique, Bloomberg, Getty, National, NFP –, NFP, Macron’s, France Unbowed, . Finance, , Rassemblement National, Perpignan Locations: Antoine Bristielle ., Paris, France, AFP
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe odds of Macron not completing his presidential term have 'gone significantly up': EY ParthenonFamke Krumbmuller of EY Parthenon discusses the initial exit polling results of the first round of the France parliamentary elections.
Persons: Macron Locations: France
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrench reforms likely to be delayed in hung parliament scenario, political analyst saysSebastien Maillard, director of the Institut Jacques Delors and associate fellow at Chatham House, discusses the results of the first round of the French parliamentary election.
Persons: Sebastien Maillard, Institut Jacques Delors Organizations: Institut Jacques, Chatham House
Left-wing and centrist parties in France are scrambling to block the rival National Rally from winning the ongoing parliamentary election, according to analysts, after support for the far-right faction surged in the first electoral round on Sunday. Figures posted on Monday morning by the French Interior Ministry showed that the far-right National Rally (RN) and its allies had secured a combined 33.1% of votes, while the left-wing New Popular Front (NFP) alliance won 28% and French President Emmanual Macron's centrist Together bloc garnered 20%. The outcome of the first round of the election has led to discussions from left-wing and centrist politicians about how to minimize the amount of parliamentary seats secured by the RN in the second round of voting on July 7. "Our objective is clear: to prevent the National Rally from having an absolute majority in the second round, from dominating the National Assembly and from governing the country with the disastrous project that it has," French Prime Minister Gabriel Attal, a Macron ally, wrote on social media platform X late on Sunday according to a CNBC translation. "I say it with the force that the moment demands to each of our voters: not a single vote must go to the National Rally," he added.
Persons: Danielle Simonnet, NUPES, LFI, Celine Verzeletti, Jean Luc Melenchon, Emmanual, Gabriel Attal Organizations: La France, National Rally, French Interior Ministry, Front, National Assembly, CNBC, National Locations: Paris, France
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrench election 'still open' as a lot will depend on centrist voters, Thomas Piketty saysThomas Piketty, professor at the School for Advanced Studies in the Social Sciences and associate chair at the Paris School of Economics, weighs in on the outcome of the first round of the French parliamentary election.
Persons: Thomas Piketty Organizations: School, Studies, Social Sciences, Paris School of Economics
For many, France feels like a very different place on Monday. The results from the first round of legislative elections, held on Sunday, revealed a country deeply fractured, with a surging far right winning a record number of votes and the near collapse of President Emmanuel Macron’s centrist party. “The far right at power’s door,” the cover of Le Parisien, a daily newspaper, pronounced the morning after the first half of the snap election called by Mr. Macron. “Twelve million of our fellow citizens have voted for a far right party that is clearly racist and anti-Republican,” the left-leaning Libération newspaper declared in an editorial, referring to Marine Le Pen’s National Rally party. If the National Rally takes an absolute majority in the runoff on Sunday, Mr. Macron will be forced to appoint a prime minister from its ranks, who will in turn form a cabinet.
Persons: Emmanuel Macron’s, Le Parisien, Macron, Organizations: Republican, Rally Locations: France
President Emmanuel Macron’s risky decision to call snap legislative elections in France has backfired badly, enabling the far right to dominate the first round of voting held on Sunday. France is in unpredictable territory, with the future of Mr. Macron’s second term at stake. Why did Macron call for snap elections? When Mr. Macron was elected to a second term in 2022, his party failed to win an outright majority. The centrist coalition he formed has since governed with a slim majority, but it has struggled to pass certain bills.
Persons: Emmanuel Macron’s, Macron’s, Jordan Bardella, Macron Organizations: National Assembly Locations: France
Dimitar Dilkoff | Afp | Getty ImagesFrench stocks staged a relief rally early Monday after results from the first round of the nation's snap election raised expectations of a hung parliament. The far-right National Rally party and its allies won 33.1% of the vote, the left-wing NFP alliance was second with 28% and Macron's coalition secured 20%, France's Interior Ministry said Monday. Stock Chart Icon Stock chart icon CAC 40 index. Stock Chart Icon Stock chart icon Euro/U.S. National Rally is hoping it will be the party's 28-year-old leader, Jordan Bardella.
Persons: Jordan Bardella, Gabriel Attal, Manuel Bompard, Dimitar Dilkoff, Sebastian Paris Horvitz, CNBC's, Matthew Ryan, , Emmanuel Macron, Macron, Horvitz Organizations: Rassemblement National, France's, France, TF1, Afp, Getty, NFP, La Banque Postale Asset Management, Citi, National, U.S ., National Assembly, Locations: London, France, Europe
Welcome to the Wimbledon briefing, where The Athletic will explain the stories behind the stories on each day of the tournament. For world No 2 Coco Gauff, the draw at this year’s Wimbledon has been more than kind: It’s been positively loving. There are no Wimbledon champions in this half of the draw, but there is still a four-time slam winner. (Glyn Kirk / AFP via Getty Images)Can Frances Tiafoe make this the first day of the rest of his tennis life? Tiafoe came back from two sets down for the first time in his career, winning 6-7(5), 2-6, 6-1, 6-3, 6-3.
Persons: Casper Ruud, Aryna Sabalenka, Frances Tiafoe, Casper Ruud’s, Ruud, Alexander Zverev, Alex Bolt, Henry Nicholls, I’m, , Swiatek, you’ve, Coco Gauff, Victoria, Zheng, Lulu Sun, Mirra, , Brenda Fruhvirtova, Jasmine Paolini, Maria Sakkari, Gauff, Caroline Dolehide, Naomi Osaka, Diane Parry, Glyn Kirk, Tiafoe, Mateo Arnaldi, ” Tiafoe, He’s, Roland Garros, craves, Borna Coric, — Carlos Alcaraz, Ben Stansall, Erika Andreeva, Britain’s Sonay Kartal, Aryna, Linda, Erika, Donna Vekic, rika, ade, ound, hird, Ber, G, 🇦🇷 18 S. Baez, 🇿 J., Kor, Borge, Dan, 🇪 E., Diaz, Hurkacz 🇲🇩 R, 🇸 J., . Ju, Kar, J, Fearnley, 🇹 1, Nakashima 🇦 🇺 J., F. J, 🇷 P., eva 🇩🇪, 🇦, A. Pot, Colli, 🇸, . Wozniacki, Bro, Fer, U vardy, Tomova 🇺 🇸, 🇴, K, 🇿 K., Yastrems, 🇷, Wang, 🇹, Danilo, eva, 🇯, Nava Organizations: Wimbledon, London, Getty, Tennis, Victoria Azarenka, U.S, 🇬, Monfils, ritz, emi, eni, Sta Locations: Wimbledon, Halle, Germany, Queen’s, London, Norway, Swiatek’s, Italy, AFP, Roehampton, Russian, Croatia, novi, Bou, Ste
The Center Collapses in France, Leaving Macron Marooned
  + stars: | 2024-07-01 | by ( Roger Cohen | ) www.nytimes.com   time to read: +1 min
An era has ended in France. The seven-year domination of national politics by President Emmanuel Macron was laid to rest by his party’s overwhelming defeat in the first round of parliamentary elections on Sunday. But Mr. Macron, risking all by calling the election, did end up guaranteeing that he will be marginalized, with perhaps no more than a third of the seats his party now holds. In 2017, Mr. Macron, then 39, swept to power, eviscerating the center-right Gaullists and the center-left socialists, the pillars of postwar France, in the name of a 21st-century realignment around a pragmatic center. It worked for a while, but increasingly, as Mr. Macron failed to form a credible moderate political party, the result has been one man and a shrinking circle of allies standing against the extremes of right and left.
Persons: Emmanuel Macron, Macron, , Édouard Philippe, Macron’s Organizations: National Assembly Locations: France
Four Takeaways From France’s Snap Election
  + stars: | 2024-07-01 | by ( Aurelien Breeden | ) www.nytimes.com   time to read: +1 min
Voters are being asked to choose their representatives in the 577-seat National Assembly, the country’s lower and more prominent house of Parliament. If a new majority of lawmakers opposed to Mr. Macron is ushered in, he will be forced to appoint a political adversary as prime minister, dramatically shifting France’s domestic policy and muddling its foreign policy. That will be especially so if he is forced to govern alongside Jordan Bardella, the 28-year-old president of the National Rally. If no clear majority emerges, the country could be headed for months of political deadlock or turmoil. Mr. Macron, who has ruled out resigning, cannot call new legislative elections for another year.
Persons: Emmanuel Macron, Macron, Jordan Bardella Organizations: National Assembly, National Locations: France
The 10-year Treasury yield spiked 13 basis points to 4.479%. AdvertisementUS stocks ended higher on Monday to start the second half of the year, rising even as bond yields soared during the session. Meanwhile, shifting outlooks on the US election have added uncertainty to the bond market, and yields on the 10-year Treasury surgedon Monday. The 10-year Treasury yield spiked 12 basis points to 4.469%. Among individual stock movers on Monday, Chewy whiplashed after meme-trading legend Keith Gill disclosed a $245 million stake in the company.
Persons: , Stocks, surgedon, Joe Biden, Donald Trump, Goldman Sachs, Jerome Powell, John Williams, Chewy, Keith Gill Organizations: Treasury, Service, Nasdaq, Federal Reserve, Trump, Traders, Federal Locations: France
French President Emmanuel Macron’s centrist alliance was crushed on Sunday after the far-right National Rally (RN) party surged in the first round of the country’s parliamentary elections. It would then become the first far-right party to enter the French government since World War II – although nothing is certain ahead of Sunday’s second round. “Tonight is not a night like any other,” Prime Minister Gabriel Attal said solemnly in an address to the French. The left-wing New Popular Front has announced that it will withdraw all candidates who came in third to help prevent far-right candidates from getting elected. A loss would force Macron to nominate a prime minister from whichever party wins – putting a political opponent in charge of running the government.
Persons: Emmanuel Macron’s, Gabriel Attal, It’s, , Italy’s Giorgia, Hungary’s Viktor Orban, Vladmir Putin, Le Pen, Vladimir Putin, Macron, Jordan Bardella, Bardella Organizations: Paris CNN, New, Ensemble, , European Union, Russian, NATO, National Assembly Locations: Sunday’s, Europe, Ukraine, Russian, France
French stocks and the euro boosted by election results
  + stars: | 2024-07-01 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +1 min
London CNN —French stocks and the euro rallied Monday after results from the first round of elections suggested the far right will inflict a heavy defeat on President Emmanual Macron but fall short of winning an outright majority in parliament. France’s CAC 40 index, which represents 40 of the biggest companies listed in Paris, rose 2.7% at the open. The euro, which tumbled after Macron called the snap election on June 9, touched the strongest level against the dollar in more than two weeks. Macron’s Ensemble alliance slumped to a dismal third with 20.76%, according to final results published Monday by France’s Interior Ministry. “The immediate reaction is one of a relief rally.”This is a developing story and will be updated.
Persons: Emmanual Macron, Macron, Le, ” Mohit Kumar, Jefferies, Organizations: London CNN, Popular Front, France’s Interior Ministry Locations: Paris, Europe
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementHere are six things I do leading up to a big technical interview:1. However, I did have technical interview rounds focused on system design questions. I would go through them one to two weeks before the interview and try to answer them. Read my own notesIn the last 24 hours before a big interview, I stop doing any mock interviews or looking at new technical questions to prevent feeling even more anxious.
Persons: , Yung, Yu Lin, Read Organizations: Service, Google, Yahoo, Meta, Visa, PayPal, Business Locations: Sunnyvale , California, Taiwan
Poster of Christophe Versini for the Rassemblement National (National Rally) party, with Marine Le Pen and Jordan Bardella on it, on June 24, 2024. LONDON — European stocks are expected to start the new trading week higher as investors in the region digest the results of the first round of France's snap parliamentary election. European markets will be reacting to the results of the first round of the snap parliamentary election in France in which there was a sharp upswing in votes for the anti-immigrant National Rally party. Initial results point to it struggling for an absolute majority in the second round of voting that takes place on July 7, however. Overnight, Asia-Pacific markets started the second half of the year mixed as investors assessed June business activity data from China as well as Japan's business confidence readings.
Persons: Christophe Versini, Jordan Bardella, Germany's DAX, Emmanuel Macron's Organizations: Rassemblement National, LONDON, CAC, IG, National Rally, British Foods Locations: France, Asia, Pacific, China
Euro rises after France's first-round vote, yen struggles
  + stars: | 2024-07-01 | by ( ) www.cnbc.com   time to read: +3 min
The euro rose on Monday after the first round of France's snap election put the far-right in pole position, though by a smaller margin than projected, while a downgrade to Japan's first-quarter growth figures knocked the yen lower. "They (RN) have actually performed a little bit worse than what was expected," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. The yen struggled to gain ground against a broadly weaker dollar, and was last 0.05% lower at 160.93 per dollar. That could lead to a cut to the Bank of Japan's growth forecasts in fresh quarterly projections due later this month and affect the timing of its next interest rate hike, analysts said. Elsewhere in Asia, the Chinese yuan - also a victim of stark interest rate differentials with the U.S. - was last 0.02% higher at 7.2981 per dollar in the offshore market.
Persons: Emmanuel Macron, Carol Kong, Michael Brown, CBA's Organizations: Commonwealth Bank of Australia, Reserve, New Zealand, Bank of, U.S Locations: Japan, Asia
CNN —Marine Le Pen’s far-right National Rally (RN) party has taken the lead in the first round of France’s parliamentary elections on Sunday, initial projections showed, as President Emmanuel Macron’s party slumped to third place. The RN election party in the northern town of Henin Beaumont erupted in celebration as the results were announced. “Nothing has been won – and the second round will be decisive,” she said. Sunday’s vote was held three years earlier than necessary and just three weeks after Macron’s party was trounced by the RN at the European Parliament elections. Total voter turnout on Sunday is expected to be 65.5%, the highest in a first round of parliamentary elections since 1997 – according to Ipsos estimates.
Persons: Emmanuel Macron’s, IPSOS, Pen, Jean, Marie Le Pen, Henin Beaumont, Le Pen, , Jordan Bardella, , – France’s, Macron Organizations: CNN, Front, Rally, National Assembly Locations: Henin, France
The far-right scored a major win in the first round of parliamentary elections in France. Marine Le Pen's National Rally won roughly 34% of the vote, per projections. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe far-right National Rally has opened up a lead in the first round of critical parliamentary elections in France, with results that could soon spell the end of the centrist government alliance backed by French President Emmanuel Macron.
Persons: Emmanuel Macron, Organizations: National, Service, French, Popular, Macron's, Business Locations: France
The National Rally party won a crushing victory in the first round of voting for the French National Assembly, according to early projections, bringing its long-taboo brand of nationalist and anti-immigrant politics to the threshold of power for the first time. Pollster projections, which are normally reliable and are based on preliminary results, suggested the party would take about 34 percent of the vote, far ahead of President Emmanuel Macron’s centrist Renaissance party and its allies, which got about 21 percent. But the National Rally now looks very likely to be the largest force in the lower house, although not necessarily with an absolute majority. A coalition of left-wing parties, called the New Popular Front and ranging from the moderate socialists to the far-left France Unbowed, won about 29 percent of the vote, according to the projections. Turnout was very high, reflecting the importance accorded by voters to the snap election, at over 65 percent, compared to 47.51 percent in the first round of the last parliamentary election in 2022.
Persons: Emmanuel Macron’s, France Unbowed Organizations: National Rally, French National Assembly, Renaissance Locations: France
The first round of a snap parliamentary election in France points to a surge in votes for the anti-immigrant National Rally party, with President Emmanuel Macron's centrist alliance coming into third place. Early polling data from national broadcaster France 2 indicates that National Rally (RN) won 34% of the vote while the leftist New Popular Front (NFP) alliance got 28.1%. If no candidate meets that standard, a second round of voting is held, listing the top two candidates and any other candidates who secured more than 12.5% of registered voters' support. The second round of voting on July 7 is the one to watch, according to Antonio Barroso, deputy director of Research at Teneo. As such, National Rally is widely expected to significantly increase the number of seats it has in France's 577-seat parliament, the National Assembly, from the current level of 89.
Persons: Emmanuel Macron, Emmanuel Macron's, Antonio Barroso Organizations: Nexus Institute, National Rally, France, New Popular Front, Research, NFP, National Assembly Locations: The Hague, Netherlands, France, Teneo
Vandalized posters with images of local candidates for the European Parliament election mixed with those from the first round of the 2024 French legislative elections, seen on June 24 2024, in Val d Arry, Calvados. France will hold an early legislative election in two rounds on June 30 and July 7 2024, following President Emmanuel Macrons decision which was triggered by his party's heavy defeat to the far-right National Rally in the 2024 European Parliament election. Nurphoto | Nurphoto | Getty ImagesFrench voters are heading to the polls on Sunday for the first round of voting in a snap parliamentary election that could see the far-right National Rally group become the biggest party in France's National Assembly, polls suggest. Calling the snap election, which will involve two rounds of polling on Sunday and on July 7, Macron said the vote would provide "clarification" and that "France needs a clear majority to act in serenity and harmony." French President Emmanuel Macron waits for guest arrivals for a conference in support of Ukraine with European leaders and government representatives on February 26, 2024 in Paris, France.
Persons: Emmanuel Macrons, Emmanuel Macron, Jordan Bardella, Macron, Le Pen, Jordan Bardella —, Pen, Peter Garnry, Giorgia Meloni, George Dyson, Dyson, Ludovic Marin Organizations: Nurphoto, Getty, National Assembly, National, Analysts, Chesnot, New Popular, National Rally, Le, Palais des Sports, Saxo Bank, Risks, Republicans, Renaissance, Nexus Institute, AFP Locations: Val d, Calvados, France, Ukraine, Paris, Germany, The Hague, Netherlands
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