FRENCH POLITICS
Political crisis in France eases for now as prime minister survives no-confidence vote
France's Prime Minister Sebastien Lecornu survived no-confidence votes, averting immediate government collapse. However, the nation's minority government faces a tough battle passing the national budget amidst a fractured parliament. Key challenges include negotiating spending plans and potential pension law adjustments, with significant fiscal decisions looming.
Embattled French PM Sebastien Lecornu survives no-confidence vote in Parliament
French Prime Minister Sebastien Lecornu narrowly survived a no-confidence vote, averting immediate political chaos and allowing him to focus on the crucial 2026 budget. His survival also prevents President Macron from needing to call snap legislative elections, a move he had considered if the government fell.
French PM faces day of reckoning, but likely to survive no-confidence votes
French Prime Minister Sebastien Lecornu offered to suspend pension reform to secure support, potentially averting no-confidence votes. While the Socialists will not back the motions, potential rebels from their party and the Republicans create uncertainty in the vote's outcome. This move risks undermining a key Macron legacy amidst France's political crisis.
'Absolutely critical' to boost growth in Europe: IMF official
To keep pace with the United States, Europe must invigorate its economy and enhance productivity. The IMF recommends a strategic reallocation of finances to prioritize research and development over bureaucratic expenses, unlocking potential for greater output. This approach could serve as Europe's roadmap to success. Additionally, the IMF offers fiscal guidance to France, underscoring the importance of sound financial practices.
French bonds extend rally as Lecornu avoids more gridlock
In a surprising twist, French government bonds experienced a notable surge for the second consecutive day. This uptick followed Prime Minister Sebastien Lecornu's strategic choice to postpone an essential pension reform, aimed at averting further political gridlock. As a result, bond yields tumbled to their lowest levels in two months. Investors are now keenly awaiting Lecornu's budget strategies for 2026.
India secures first global order to build LNG-powered container ships worth $300 million
CMA CGM, a global container carrier, has signed a letter of intent with Cochin Shipyard for six LNG-powered box ships, marking India's first major container ship order. Chairman Rodolphe Saade views India as an "alternative" to China and South Korea for such construction, praising Prime Minister Modi's business acumen.
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Euro zone government bond yield hits 2-1/2-month low on US-China trade tensions
Euro zone government bond yields hit fresh multi-week lows on Tuesday, as concerns over U.S.-China trade tensions overshadowed France's ongoing political stalemate.
After Nepal, Bangladesh, now Madagascar: President Rajoelina flees as Gen Z-led protest topples government
Madagascar's President Andry Rajoelina has fled the country aboard a French military aircraft following weeks of mass protests. The youth-led unrest, fueled by shortages and corruption, saw parts of the army defect, weakening Rajoelina's grip on power. He insists he is in a safe location and refuses to resign.
What is happening in Madagascar? President flees country after alleged assassination attempt amid mass protests and military unrest
Madagascar's President Andry Rajoelina confirmed he is safe after an assassination attempt amid escalating political turmoil. Fleeing the nation aboard a French army aircraft, Rajoelina's departure follows the military's backing of youth-led protests demanding his resignation. He appealed for a constitutional resolution to the crisis, emphasizing his commitment to finding solutions despite threats to his life.
French yields edge up; focus on Paris politics, US tariffs
French government bond yields edged up in line with the wider market on Monday, after Prime Minister Sebastien Lecornu, who was reappointed on Friday, unveiled his cabinet, as pressure intensifies to pass a belt-tightening budget.
Zelensky asks for more air defences in Macron call
Ukrainian President Volodymyr Zelensky urged French President Emmanuel Macron for more air defense systems, citing Russia's exploitation of global attention on the Middle East and domestic issues. Russia has intensified attacks on Ukraine's energy infrastructure, exacerbating the ongoing conflict as diplomatic solutions remain stalled.
French PM Sebastien Lecornu faces uphill task to form government
French Prime Minister Sebastien Lecornu is negotiating to form a new government after his first collapsed, facing a tight deadline to present a draft budget. Despite losing the support of the right-wing Republicans, Lecornu has pledged to work with mainstream parties to address France's public debt and deficit concerns.
Charting the global economy: Political drama grips France
Central banks globally are adjusting interest rates. US spirits exports are declining due to tariffs. Argentina is depleting dollar reserves to support its currency.
Macron reappoints Sebastien Lecornu as France's Prime Minister
President Macron reappointed Sebastien Lecornu as prime minister despite calls for a fresh face to end parliamentary deadlock. Lecornu accepted the mission "out of duty," pledging to end the political crisis and secure a budget by year-end. The reappointment faced immediate criticism from opposition parties.
France gets new Prime Minister Sebastien Lecornu - second time PM in one week. Can Emmanuel Macron save government this time?
In naming Sebastien Lecornu, 47-year-old Emmanuel Macron risks the wrath of his political rivals, who have argued that the best way out of the country's deepest political crisis in decades was for Macron to either hold snap parliamentary elections or resign.
European shares muted as rising autos, banks counter declining healthcare stocks
Automobiles gained 0.9%, with Milan-listed shares of Stellantis up 1.5% after the automaker said its global vehicle shipments rose 13% year-on-year in the third quarter.
Yen heads for sharpest weekly fall in a year as rate hike wagers recede
The yen is experiencing its steepest weekly fall in a year, driven by dwindling hopes of a Bank of Japan rate hike and political uncertainty. Meanwhile, the euro is near two-month lows due to French political turmoil, impacting budget stability. The dollar index has strengthened significantly as markets digest shifting central bank expectations and political risks.
Rupee hovers near record low as central bank holds the line
The Indian rupee hovered near its all-time low as the Reserve Bank of India intervened to support the currency. Persistent dollar sales by state-run banks, likely on behalf of the RBI, have helped, though economic worries and foreign investor outflows continue to pressure the rupee. Meanwhile, a large IPO provided some boost.
Euro zone yields inch lower, investor eyes remain on Paris
Euro zone bond yields eased on Wednesday as political jitters surrounding France and Japan subsided, though caution persists. France's 10-year yield dipped, narrowing the spread with German yields, as investors monitor ongoing political uncertainty in Paris. Calmer trading also followed speculation on Japanese fiscal policy.
Gold at $4K - Be afraid, be very afraid
Global markets face political turmoil in Japan, France, and the United States. This uncertainty is driving investors towards gold, which has reached record prices. French political instability is pressuring the euro, while the Japanese yen has weakened significantly. Investors are closely watching economic data from Germany for further market direction.
Ex-French PM and Macron’s former ally urges him to quit
The intervention by Edouard Philippe, Macron's longest-serving prime minister from 2017 to 2020 who now heads an allied political party, came as frustration grew even within the president's own camp over the biggest domestic political crisis of his eight years in office.
European bond yields rise amidst French political turmoil
Euro zone bond yields rose on Tuesday, a day after French Prime Minister Sebastien Lecornu unexpectedly resigned, deepening a political crisis in Europe's second-biggest economy.
Another French Prime Minister Sébastien Lecornu resigns, Macron's government faces growing political crisis
France is in political chaos after Sébastien Lecornu, chosen by President Macron, resigned as prime minister in just 14 hours. Conflicts with the Republicans party and low support for Macron made forming a government impossible. The centre-right alliance is breaking apart, and many supporters are leaving. France now faces uncertainty ahead of the 2027 presidential election.
French premier resigns hours after naming government, plunging France further into political chaos
France's Prime Minister Sebastien Lecornu resigned after less than a month, just a day after forming a new government. His resignation, following the withdrawal of a key coalition ally, plunges the country into further political crisis. President Macron has accepted the resignation, leaving him with few options as he faces record low approval ratings.
Macron tasks his outgoing PM with holding last-ditch talks to end crisis
France's political crisis deepens as Prime Minister Sebastien Lecornu resigns. President Emmanuel Macron has asked the outgoing premier to hold urgent talks with other parties. This move aims to find a path towards stability for the nation. The government's resignation follows its recent cabinet announcement, marking a significant political development.
French PM Sébastien Lecornu resigns in just 26 days: here’s why, and will the Parliament be dissolved?
France plunged into renewed political unrest on Monday as Prime Minister Sébastien Lecornu stepped down less than a month into his term. His resignation comes only 26 days after being appointed by President Emmanuel Macron.
French Prime Minister Sébastien Lecornu resigns amid political turmoil; his net worth, personal details and family
French Prime Minister Sébastien Lecornu resigned on Monday, just hours after unveiling his cabinet, plunging France into renewed political uncertainty. His abrupt departure follows weeks of internal tensions and widespread criticism of his government’s composition and strategy.
France's new prime minister Sebastien Lecornu resigns, hours after appointing new cabinet
France's new Prime Minister Sebastien Lecornu unexpectedly resigned just hours after appointing his cabinet, deepening the nation's political crisis. His cabinet lineup angered both allies and opponents, leading to threats to topple his government. This unprecedented move caused French stocks and the euro to drop, highlighting ongoing instability in a fragmented parliament.
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