From the left: French far-right Rassemblement National party President Jordan Bardella, France’s Prime Minister Gabriel Attal and French MP of left wing party La France Insoumise Manuel Bompard, prior to a political debate broadcasted on French TV channel TF1 on June 25, 2024.
Dimitar Dilkoff | Afp | Getty Images
French stocks staged a relief rally in early Monday trading 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.
France’s benchmark CAC 40 index was 2.2% higher by 8:47 a.m. London time, off earlier highs.
“The election, in the end, tells us pretty much what we knew before, which is that the most likely scenario remains a hung parliament,” Sebastian Paris Horvitz, director of research at La Banque Postale Asset Management, told CNBC’s “Squawk Box Europe.”
From a market perspective that is the “least bad” option, he added.
This breaking news story is being updated.
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