Legislative. Financial markets are betting on the absence of an absolute majority in the Assembly

The international press mentions a “earthquake” the day after the first round of the legislative elections. The financial markets, for their part, are showing their relief. Monday 1er July morning, the CAC 40 was up 2.7% on the Paris Stock Exchange and “The shares of French banks, Société Générale, BNP-Paribas and Crédit Agricole, have rebounded,” reports the Financial Times while the euro recovered against the American currency, to 1.077 dollars.

As for the yield gap between French and German long-term bonds, “considered as a barometer of the risk represented by French debt”, it was significantly reduced after reaching, last week, “its highest level since the eurozone debt crisis in 2012.”

In view of the results of this first round, “probably better than we feared”according to Mohit Kumar, analyst at Jefferies, and the numerous withdrawals announced in view of the second round, investors “make the bet” that the far right will not have an absolute majority in the National Assembly, explains the British daily.

Following the Emmanuel Macron’s decision to dissolve the As

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