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French Snap Elections

24 June 2024   |  

Following the strong performance of far-right National Rally (RN) in the European Parliament elections earlier this month, President Macron and his centrist Renaissance party raised the stakes in French politics by calling for snap elections of the lower house of the French parliament on June 30, with runoffs on July 7. By doing so, Macron aims to pressure voters into turning the tide against the rising popularity of the RN in France led by Marine Le Pen.

Possible outcomes for the election are wide-ranging. While the move could help the president’s party solidify its sagging support, it could also allow the far-right and left-wing parties to increase the number of seats they hold. While winning an absolute majority requires 289 seats, the RN could force a power-sharing arrangement with Macron if it wins the most seats shy of a majority.

A recent Financial Times article offers an insightful look at the far right in France and what the upcoming snap election could mean for the country and its economy.

Understandably, these developments have spurred volatility in France and elsewhere in Europe. Despite these political shifts, we remain focused on bottom-up stock picking, emphasizing company fundamentals and identifying stocks that we believe can deliver sustainable growth over the long term. We closely follow significant events such these to help us better understand a business’s growth outlook and valuation given a change in its environment. 

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